Big Take Asia The $250 Million Bribery Charges Rocking the Adani Empire – and India
Nov 26, 2024
Menaka Doshi, a Bloomberg senior editor in Mumbai, delves into the recent $250 million bribery charges against India's Gautam Adani, one of the richest men in the world. The discussion reveals how these charges are shaking the foundations of Adani's vast conglomerate and raising alarms about corporate governance in India. They explore the implications for U.S.-India relations, market confidence, and foreign investment, highlighting the precarious intersection of wealth, power, and accountability in India's evolving economy.
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Adani's Nightmare
- Gautam Adani, one of the world's richest men, learned of his U.S. indictment at 3 a.m..
- His company's stocks and bonds immediately plummeted, erasing nearly $30 billion from its market value.
Adani's Influence in India
- The Adani Group's businesses, including ports, airports, and cement production, are deeply embedded in Indian daily life.
- These businesses are also closely aligned with Prime Minister Narendra Modi's infrastructure priorities.
Bribery Allegations
- U.S. prosecutors accuse Adani of a $250 million bribery scheme involving Indian officials and solar energy contracts.
- The scheme allegedly targeted Indian officials to secure favorable power purchasing agreements.