On Nov 20, US federal prosecutors indicted top functionaries of Adani Group on charges of graft and fraud for securing a RE project in India. The business conglomerate has strongly denied these allegations and has committed to deploy every legal tool in its arsenal to acquit its green energy company, Adani Green, from these charges. Irrespective of the merits of the case against Adani, consequences for India's global profile are serious, as it tarnishes the reputation of the Indian private sector and stifles achievements of India's strategic goals. Earlier this week, French oil major TotalEnergies decided to cease financial contributions to its Adani Group investments. Following the indictment, Kenyan President William Ruto publicly rescinded the ongoing Nairobi Jomo Kenyatta International Airport (JKIA) renovation and 30-yr operationalisation contract, and a $736 mn partnership Adani signed with the Kenyan energy ministry last month to construct power transmission lines.
Authors
- Pages
- 7
- Published in
- India
