New Delhi, January 24, 2025: Adani Green Energy has appointed independent law firms to investigate a US indictment accusing founder Gautam Adani and top executives of paying $265 million in bribes for power contracts. The company announced the appointment of the law firms in a regulatory filing on Thursday, without disclosing their names. The charges, filed in November, claim that Adani and executives misled US investors and bribed officials to secure contracts in India. The Adani Group has denied these allegations, calling them baseless.
The investigation focuses on a 2021 solar energy deal in Andhra Pradesh, where Adani Green Energy secured a significant contract from the Solar Energy Corporation of India. Despite concerns over the deal’s financial viability, it was approved in just 57 days. While Adani Green is not named as a defendant, the company has stated it made necessary disclosures in previous bond offerings. Following the indictment, Adani Green’s shares have fallen by over 27%, continuing to face pressure in the market.
