May 24, 2025 9:00 pm
Full News

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.

Related News
Iran Expands Military Drills to Include Fordow and Khondab Nuclear Sites
The 5 Most Addictive Substances in the World: A Deep Dive into Their Grip on Health
Kendrick Lamar Dominates 2025 Grammys, Winner List
Death Toll in Gaza Surpasses 50,900
Pakistan’s Military Operation in North Waziristan Eliminates 71 Militants Amid Border Clashes
Cultural Workers Demand Resignation of Faruki, Accuse Him of Fascism
Related Posts
Border Czar Tom Homan’s Security Detail Costs U.S. Taxpayers $1 Million Monthly
Lower Prices Drive Surge in U.S. New Home Sales, but Outlook Remains Uncertain
China Mediates as Pakistan and Afghanistan Move Toward Restoring Diplomatic Ties Amid Regional Shifts
Europe Must Learn the Art of ‘Unpowering’ Russia
U.S. and Iran Hold Two-Hour Nuclear Talks in Rome, Agree to Reconvene
Hungary’s Orban Rejects EU Plan to Ban Russian Energy Imports, Citing National Interest
More News

Trump Plans to Visit India Next Year, Says NRI Banker Anshuman Mishra

Deepanwita Martin Trump to Strengthen US-India Ties, Promises ‘Golden Era’ Under His Leadership In an exclusive interview with India Today, international banker and political strategist Anshuman Mishra shared insights into US President-elect Donald Trump’s plans for US-India relations, revealing Trump’s intention to visit India next year. Mishra, who was at Trump’s Mar-a-Lago club in Florida […]

Chinmoy Das’s Bail Suspended by Chamber Judge Court

The Chamber Judge Court has suspended the bail granted by the High Court to Chinmoy Krishna Das Brahmachari, spokesperson of the Bangladesh United Sanatan Jagarana Jote, in a sedition case. The order was issued on Wednesday evening (April 30) by Chamber Judge Justice Md. Rezaul Haque of the Appellate Division. Earlier in the day, a […]

Nobel Laureate Bob Dylan Joins TikTok

Bob Dylan, the Nobel Prize-winning music icon, has recently ventured into the world of TikTok. The 83-year-old artist created an account on the popular social media platform, making his debut on Tuesday with his first-ever video post. Dylan’s followers on TikTok welcomed him warmly. In his 50-second debut video, he featured iconic songs like “Like […]

Tariffs Threaten to Undermine Gains of Bangladesh’s Garment Workers

For decades, Bangladesh’s garment industry has been the engine of its economic progress. Factories once dismissed as sweatshops have evolved into global production hubs, transforming the lives of millions—especially women—and helping lift the nation’s income above that of neighboring India. But now, the sector faces an existential threat from international politics it never anticipated: a […]

Women’s Safety and Freedom under Siege in Bangladesh: A Looming Crisis

Musfika Laiju In present-day Bangladesh, women’s safety, freedom, and rights are under increasing threat. Once a country that took pride in its strides toward gender equity, Bangladesh is now witnessing an alarming regression in women’s autonomy and security. This article examines the growing challenges faced by Bangladeshi women, highlighting the urgent need for national and […]

Pope Francis Finally Out of Danger

After five weeks of hospitalization, Pope Francis returned to the Vatican on Sunday, March 23. The 88-year-old pontiff had been suffering from double pneumonia, marking the most serious health crisis in his decade-long papacy, according to Reuters. Pope Francis was discharged from Rome’s Gemelli Hospital shortly after noon. Before leaving, he made a public appearance, […]

Sectarian Clashes in Pakistan’s Kurram District Claim Over 130 Lives Despite Ceasefire Efforts

PESHAWAR – Sectarian violence in Pakistan’s north-western Kurram district has claimed over 130 lives despite a tentative ceasefire brokered last week, local officials confirmed. The district, bordering Afghanistan, has long been a flashpoint for Sunni-Shia tensions, with the latest clashes escalating into deadly confrontations over the past month. District administration official Wajid Hussain reported that […]

Barbara Taylor Bradford, Author of A Woman of Substance, Dies at 91

Barbara Taylor Bradford, the famous author of A Woman of Substance, passed away on Sunday at the age of 91. Her death was confirmed by a spokesperson, who said she died at her home in New York City. The cause of death was not shared. Born on May 10, 1933, in Leeds, England, Bradford started […]

Ballistic Missile Attack on Israel

Iran-backed Yemeni rebel group, the Houthis, launched a ballistic missile attack on Israel. However, no immediate casualties or damages were reported. According to Israeli authorities, the missile was intercepted and destroyed mid-air before entering Israeli airspace. The Israel Defense Forces (IDF) stated that air raid sirens were activated across multiple cities, including central Israel, areas […]

Pope Francis to Meet Palestinian President Mahmoud Abbas Amid Criticism of Gaza Conflict

VATICAN CITY – Pope Francis is set to meet Palestinian President Mahmoud Abbas on Thursday, the Vatican announced, as the pontiff continues to voice strong concerns over Israel’s military actions in Gaza. Abbas is traveling to Italy this week, where he will also meet Italian President Sergio Mattarella and Prime Minister Giorgia Meloni. The Vatican’s […]