New Delhi, November 21, 2024.
Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of a scheme to pay USD 265 million (about Rs 2,200 crore) bribe to Indian officials in exchange of favourable terms for solar power contracts.
Adani, India’s second-richest man, and seven others including his nephew Sagar have been charged with paying bribes to unidentified officials of state governments in Andhra Pradesh and Odisha to buy expensive solar power, potentially earning more than USD 2 billion profit over 20 years.
Adani group had in 2021 won a bid to supply 8,000 megawatt (8 GW) of power generated using locally manufactured solar cell and modular plants but could not meet the price expectations of state governments buying such electricity.
