Adani Indictment Taints India’s Green Pitch to the World
- Adani Group executives accused of bribery to win solar deals
- The company is an important backer of PM Modi’s green plans
Adani Green is an important backer of Prime Minister Narendra Modi’s green energy mission and his goal of installing 500 gigawatts of renewable power by the end of the decade.
Photographer: Sumit Dayal/BloombergA US indictment threatens Indian tycoon Gautam Adani’s efforts to redefine himself as a clean-power champion and secure overseas financing for projects vital to the nation’s energy transition.
US prosecutors accused Adani, one of the world’s richest people, as well as other top executives, of promising to pay more than $250 million in bribes to Indian government officials to win solar energy contracts. The US Securities and Exchange Commission, which is a civil law enforcement agency, identified the firm involved in the alleged bribery strategy as Adani Green Energy Ltd., India’s largest renewables developer.