Home World South Asia 6 major fallouts for Adani Group after US bribery indictment The US has indicted its billionaire chairman Gautam Adani for alleged bribery and fraud to win contracts for a group company, Adani Green Energy by Reuters November 26, 2024 Credit: Getty Images Some nations and investors have either scrapped deals or halted investments in the Adani Group, after the US indicted its billionaire chairman Gautam Adani for alleged bribery and fraud to win contracts for a group company, Adani Green Energy. Adani Group has denied all the accusations as “baseless”, but its 10 listed entities have lost about $33bn in market value since the indictment, with Adani Green the hardest hit, losing about $9.7bn in market value. Here are key details of the conglomerate’s stalled deals: TotalEnergies French oil major TotalEnergies will not make any more investments in the Adani Group, saying that it was not informed of the US bribery charges against Gautam Adani. Total has a 20 per cent stake in Adani Green Energy, putting its financial exposure in Adani firms at between $4bn and $5bn, Bernstein Research estimates. Shares of Adani Green Energy plunged more than 11 per cent after TotalEnergies’ statement, while those of Adani Total Gas, in which Total holds 37.4 per cent, closed down 1.4 per cent. US International Development Finance Corp The US International Development Finance Corp is reviewing the impact of the indictment against Gautam Adani on the agency’s plan to lend $550m for a port development project in Sri Lanka partly owned by Adani Group. Last November, the agency said it would provide financing for the port terminal project in the key city of Colombo. Sri Lanka Sri Lanka is studying the accusations against Adani Group and will consider all aspects of its projects in the island nation. The government is taking the concerns seriously but has made no final decision yet. Kenya Kenya has canceled a procurement process of more than $2 billion that was expected to give control of its main airport to the Adani Group. The deal was to add a second runway at the Jomo Kenyatta international airport and upgrade the passenger terminal in exchange for a 30-year lease. Kenya also scrapped a separate 30-year, $736-million public-private partnership, signed by Adani Energy Solutions with its energy ministry in October. Bangladesh Bangladesh has set up a committee to investigate its power generation contracts signed during the tenure of former prime minister Sheikh Hasina, one of them with Adani Power ADAN.NS. The committee has urged the interim government to hire a global legal firm to ensure thorough and transparent vetting of the deals. India India’s southern state of Andhra Pradesh state is weighing the possibility of cancelling a power supply contract linked to the Adani Group, a top official told Reuters, after the US bribery indictments. The indictment report said bribes of more than $265m were paid to Indian government officials to obtain solar power-supply contracts in several states, with Andhra Pradesh receiving most of the money, about $228m. Tags Adani Group India You might also like Renuka Jagtiani on Landmark’s billion-dollar bet on the future Abu Dhabi’s IHC says its outlook on Adani Group investments is unchanged Empowering women entrepreneurs: unlocking a multi-trillion-dollar opportunity Ratan Tata, who put India’s Tata Group on the global map, passes away at 86