India’s Adani Group has revived plans for major infrastructure investments in the US, where the group’s founder has been charged with bribery, the Financial Times reported yesterday.
Since the election of US President Donald Trump, the conglomerate has reactivated potential plans to fund projects in sectors such as nuclear power and utilities, as well as an East Coast port, the report said, citing four people close to founder and chair Gautam Adani.
US federal prosecutors in New York unsealed an indictment in November last year accusing Gautam Adani of bribing Indian officials to persuade them to buy electricity produced by Adani Green Energy.
Photo: Reuters
“We know what we want to do, but we will wait until this [case] resolves,” the newspaper quoted a person close to Adani as saying.
The Adani Group has said the charges were “baseless” and that it would seek “all possible legal recourse.”
The group had previously been in talks with US companies on potential partnerships and had looked at petrochemical investments in Texas, the newspaper said.
After Trump’s election win, Gautam Adani said the group planned to invest US$10 billion in US energy security and infrastructure projects, creating a potential 15,000 jobs.
Trump has vowed to make it easier for energy companies to drill on federal land and build pipelines.
“Once Trump came in, we have reactivated some plans,” the newspaper said, citing another source it did not name.
The US Securities and Exchange Commission last month asked Indian authorities for help in its investigation of Gautam Adani and his nephew Sagar Adani over allegations of securities fraud and a US$265 million bribery scheme.
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