May 4, 2025 4:44 pm
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Adani Group Faces Major Fallout Following US Bribery Indictment and Ongoing Scandals

BENGALURU – The Adani Group is grappling with significant setbacks following allegations of bribery and fraud tied to U.S. legal actions against its billionaire chairman, Gautam Adani. The U.S. indictment, which accuses Adani and other officials of paying over $250 million in bribes to secure solar power contracts for Adani Green Energy, has resulted in a dramatic stock market rout. Since the charges were made public on November 20, the conglomerate has seen its market value plummet by nearly $55 billion, with Adani Green Energy losing $9.7 billion in value.

TotalEnergies Halts Investments in Adani Group

The first major consequence of the U.S. bribery allegations has been the decision by French oil giant TotalEnergies to cease further investments in Adani Group. TotalEnergies, which holds a 20% stake in Adani Green Energy, stated that it was not informed of the bribery charges before making its investments. The French company emphasized its commitment to rejecting corruption in any form. Following TotalEnergies’ announcement, shares in Adani Green Energy dropped over 11%, and Adani Total Gas saw a 1.4% dip.

Sri Lanka and Kenya Review Adani Projects

In Sri Lanka, the U.S. indictment has prompted the U.S. International Development Finance Corp. (DFC) to review its $550 million loan offer for the Colombo port project partly owned by Adani. Sri Lankan authorities are taking the allegations seriously and are examining the impact of the charges on ongoing and future projects involving the Adani Group.

In Kenya, President William Ruto has called for the cancellation of a nearly $2 billion deal between Adani Group and the Kenyan government to control the main airport in Nairobi. The deal had drawn public criticism over transparency concerns, and Kenya also scrapped a separate energy transmission contract with Adani Group valued at $736 million.

Bangladesh to Investigate Adani Power Deals

The Bangladesh government has set up a committee to investigate power generation contracts with Adani Power signed during the tenure of former Prime Minister Sheikh Hasina. The committee will hire a global legal firm to ensure transparent vetting of the contracts, particularly in light of the ongoing scandal surrounding the Adani Group.

Andhra Pradesh Contemplates Cancellation of Power Supply Deal

In India, the southern state of Andhra Pradesh is considering canceling a power supply contract with Adani Group after the U.S. bribery indictment. The contract, part of a broader $265 million bribery scheme to secure solar power contracts, has come under scrutiny, with Andhra Pradesh reportedly receiving the largest share of the alleged bribe amount—$228 million.

Vizhinjam Port Project Faces Continued Protests

The $900 million Vizhinjam port project in Kerala, part of Adani Group’s major infrastructure investments, has faced protests from local fishing communities who blame the project for coastal erosion. Although the construction of the port resumed in December 2022 after a four-month halt, the latest scandals surrounding the Adani Group may further delay the second phase of the project, with potential impacts on investment and public support.

The ongoing controversies and legal challenges are casting a shadow over the Adani Group’s ambitious expansion plans, with significant ramifications for its global partnerships and future projects.

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