Skip to content 
Search

Latest Stories

How Adani’s alleged bribery scheme began and collapsed

While Adani is not in US custody and is believed to be in India, his company, Adani Group, has called the charges "baseless".

Gautam Adani, the chairman of Adani Group, leads a business empire spanning coal, airports, cement, and media. (Photo: Reuters)
Gautam Adani, the chairman of Adani Group, leads a business empire spanning coal, airports, cement, and media. (Photo: Reuters)

IN JUNE 2020, Indian billionaire Gautam Adani’s renewable energy company won what it described as the largest solar development bid ever awarded: an agreement to supply 8 gigawatts of electricity to a state-owned power company.

However, according to US authorities, the deal ran into trouble when local power companies were unwilling to pay the prices offered, jeopardising the agreement. To resolve the issue, Adani allegedly decided to bribe local officials to persuade them to purchase the electricity.


These allegations are at the centre of US criminal and civil charges unsealed on Wednesday against Adani. While Adani is not in US custody and is believed to be in India, his company, Adani Group, has called the charges "baseless" and stated that it would seek "all possible legal recourse."

The alleged scheme involved hundreds of millions of dollars in bribes to Indian officials, which came under scrutiny as Adani’s companies raised funds from US-based investors in several transactions beginning in 2021.

This account of the alleged bribery is based on a 54-page criminal indictment filed by federal prosecutors and parallel civil complaints by the US Securities and Exchange Commission (SEC), which include references to electronic messages among the alleged participants.

In early 2020, the Solar Energy Corporation of India awarded contracts to Adani Green Energy and Azure Power Global for a 12-gigawatt solar energy project.

The project was expected to generate billions of dollars in revenue for both companies.

At that time, Adani Green Energy, managed by Adani’s nephew, Sagar Adani, had only earned around £40 million in its history and had not yet turned a profit, according to the SEC complaint.

Delays soon arose as local state electricity distributors hesitated to commit to purchasing the solar power, expecting prices to fall in the future, according to a 2021 report by the Institute for Energy Economics and Financial Analysis.

SEC filings cite WhatsApp messages exchanged between Sagar Adani and Azure’s CEO at the time, Ranjit Gupta, discussing incentives to address the delays.

On 24 November 2020, the Azure CEO reportedly wrote, “The local power companies are being motivated,” to which Sagar Adani allegedly replied, “Yup ... but the optics are very difficult to cover.” By February 2021, Sagar Adani allegedly told the CEO, “We have doubled the incentives to push for these acceptances.”

(With inputs from Reuters)

More For You

Priyanka Chopra

Priyanka Chopra says she wants strong roles not just ornamental characters

Getty Images

Priyanka Chopra says she is just getting started in Hollywood with 'Heads of State' on Prime Video

Quick highlights:

  • Priyanka Chopra Jonas says she’s just getting started in Hollywood.
  • Stars as a fierce MI6 agent alongside Idris Elba and John Cena.
  • Gets into serious action mode with explosions, helicopters, and hand-to-hand combat.
  • Says her journey is still evolving, with much more to explore in the West.

Priyanka Chopra Jonas may have ruled Bollywood for over two decades, but the global star believes she’s still “nascent” in her Hollywood journey, and that’s what makes it exciting.

The Quantico and Citadel actor stars in the new Amazon Prime Video film Heads of State, playing a sharp MI6 agent named Noel Bisset. Her character has a complicated history with British Prime Minister Sam Clarke (played by Idris Elba) and is tasked with protecting him and the newly elected US President Will Derringer (John Cena) when they're attacked before a major NATO conference.

Keep ReadingShow less
Arijit Singh

Arijit Singh becomes most followed musician on Spotify

Getty Images

Arijit Singh overtakes Taylor Swift and Ed Sheeran to become most followed artist on Spotify

Quick highlights:

• Arijit Singh makes global music history with 151 million Spotify followers

• Surpasses Taylor Swift and Ed Sheeran in follower count

Keep ReadingShow less
Manchester Police probes over 1,000 child sexual abuse suspects

Photo for representation. (iStock)

Getty Images/iStockphoto

Manchester Police probes over 1,000 child sexual abuse suspects

GREATER MANCHESTER POLICE is now investigating more than 1,000 child sexual abuse suspects, following years of public criticism and institutional failings in tackling child sexual exploitation.

A new report by His Majesty’s Inspectorate of Constabulary and Fire & Rescue Services (HMICFRS) has revealed the force has made “significant improvements” in dealing with group-based sexual abuse and related crimes.

Keep ReadingShow less
Diwali

This year’s Diwali event will still see Belgrave Road continue to host what is left of the festival. (Representational image)

Major changes announced for Leicester’s Diwali celebrations amid safety fears

LDRS

THIS year’s annual Diwali celebrations will be stripped back amid public safety fears. Leicester City Council has said there will be no fireworks or stage entertainment as part of major changes announced for the event.

Cossington Street Recreation Ground will also not be used for the festivities, the council has revealed. The green space previously was the location for the main stage and the Diwali Village with its food stalls, funfair rides, fashion and arts. The annual fire garden display was also based there, offering “a peaceful oasis amid the festive excitement”.

Keep ReadingShow less
Liam Gallagher

Liam Gallagher arrives for the special screening of Oasis documentary "Supersonic"

Getty Images

Liam Gallagher apologises for racial slur after backlash as Oasis reunion tour kicks off

Quick highlights:

  • Liam Gallagher issued an apology after using a racial slur in a now-deleted social media post.
  • The offensive post appeared just days before Oasis kicked off their reunion tour in Cardiff.
  • Fans criticised the singer on X, prompting him to clarify it was unintentional.
  • Oasis will perform over 40 shows globally, starting 5 July in Wales.

Liam Gallagher has apologised for using a racial slur in a post on X, as Oasis reunites for their first tour in 15 years. The singer shared a one-word reply on Monday that included a derogatory term aimed at East Asian people. Though he quickly deleted it, screenshots circulated online, sparking widespread criticism.

In a follow-up post on Tuesday, Gallagher wrote: “Sorry if I offended anyone with my tweet before it wasn’t intentional you know I love you all and I do not discriminate. Peace and love LG x.”

Keep ReadingShow less