Adani group plans a capital investment between $ 15 billion and $ 20 billion a year over the next five years, billionaire Gautam Adani said in his first appearance against shareholders since the US Department of Justice indicated him in November.
The group, which operates in sectors ranging from maritime ports to power generation, will have a new airport starting to operate in a suburb of Mumbai later this year, Adani told the annual meeting of the group’s main company, Adani Enterprisses Ltd., on Tuesday. The conglomerate will also have an integrated plant of 10 GW solar modules in operation until next fiscal year, with the goal of reaching 100 GW of combined capacity in thermal and renewable energy by 2030, he added.
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The impulse of investment aims to show that business is recovering after the second major scandal that hit the group in two years. Adani, who tried to rebuild investors’ confidence following the accusation of handling and accounting fraud by Hindenburg Research in 2023, faced a new setback last year, when federal prosecutors from the US indicated him, along with his assistants, for a bribery scheme.
Although the group deny that Adani or his assistants tried to pay more than $ 250 million in bribes to Indian government officials to obtain contracts for Adani Green Energy Ltd., the accusations had global repercussions.
Kenya canceled contracts worth $ 2.6 billion to airports and energy transmission after the US’s disclosure, and Adani gave up a loan agreement with an American agency to finance a port terminal at Sri Lanka. Totalenergies has also been suspended new investments in its partnership with Adani, while the group’s Indian unit decided to leave the Joint Venture with Wilmar International Ltd., selling their shares to Singapurense partner.
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However, in recent months, especially after the inauguration of President Donald Trump in January, the Indian billionaire has returned to the business routine. The group’s airport unit secured US $ 750 million in financing, with an option for another US $ 250 million, from investors led by Apollo Global Management Inc. earlier this month, the entrepreneur traveled to China to meet with industrial equipment manufacturers, possibly his first international journey since the accusations no longer weigh about him.
In a virtual speech to shareholders, Adani reiterated that no one from the Adani group was accused of violating the law of Foreign Corruption Practices Act – FCPA) in the US, interpreting this as a confirmation of the standards of governance and compliance of the conglomerate.
Although the investigation involved FCPA, the authorities did not apply this law against it.
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Instead, the Justice Department accused him of securities fraud and conspiracy to commit securities fraud and electronic fraud. Prosecutors say he promised to pay $ 250 million in bribes to regional authorities in India to ensure solar power contracts. But their case and the SEC process is based on the claim that it has misleading American creditors by falsely claiming that his company was in full compliance with anti-corruption laws.
Representatives of the Indian businessman met with Trump administration authorities to try to withdraw the criminal accusations against him and argue that his persecution is not aligned with the priorities of the US President, Bloomberg News reported last month.
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