Allegations rock Adani Group as £25 billion value vanishes
Scandal in Adani Group. The Indian conglomerate faces significant issues after Gautam Adani and his nephew Sagar Adani were accused of bribery for contracts in India. According to Reuters, the value of Adani Group has decreased by approximately £25 billion.
21 November 2024 07:14
American prosecutors have accused Gautam Adani, head of Adani Group, of involvement in a corruption scheme amounting to about £220 million.
According to Reuters, Adani, along with seven others, including his nephew Sagar Adani, allegedly bribed Indian officials. The aim was to secure contracts generating £1.7 billion in profit over 20 years and develop India's largest solar power plant project.
Adani Group in trouble
As a result of the allegations, Adani Group shares lost about £25 billion in value, reports Reuters.
Business Insider Poland adds that Adani Green Energy, a subsidiary of the conglomerate, cancelled a bond issue worth approximately £490 million, which further contributed to the decline in bond prices.
Business Insider Poland reports that Adani's wealth is estimated at nearly £58 billion. In 2022, Gautam Adani surpassed Amazon founder Jeff Bezos on the list of the world's richest people.
