Gautam Adani, once hailed as India's infrastructure champion, faces allegations of bribery in a US court. The charges, which Adani denies, could threaten his global expansion plans and India's strategy to counter China's Belt and Road Initiative
The indictment of Gautam Adani and his corporate colleagues by US prosecutors for allegedly paying $265 million (Rs 2,000 crore) in bribes to secure high tariffs for 12 GW of Indian solar power contracts is not just a corporate scandal, it’s also a blow to India’s infrastructure diplomacy. They are accused of “corruption and fraud at the expense of US investors”, and US prosecutors claim to have text messages and other clinching evidence.
Adani has rejected the charges and claimed innocence, but he has been forced to abandon a $600 million bond issue he had just tied up. The Adani Group’s massive expansion projects depend heavily on global finance. This will now become much more difficult, affecting his global competitiveness.