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BENGALURU (Reuters) -Indian billionaire Gautam Adani’s indictment by U.S. authorities for his alleged role in a $265 million bribery scheme has sent shockwaves through his eponymous ports-to-soybeans conglomerate. The Adani Group denies the allegations.
Here is what you need to know.
THE MAJOR U.S. INDICTMENT
Gautam Adani, one of world’s richest people, faces his biggest challenge after he was charged along with seven others over alleged bribery related to power supply deals in India, in what U.S. authorities called “The Corrupt Solar Project”.
Adani Group, which runs several key infrastructure projects across the globe, says the allegations are baseless and has vowed to seek “all possible legal recourse”.
The group’s CFO has said the indictment is linked to one Adani Green Energy (NS:) contract that makes up some 10% of the unit’s business.
Meanwhile, Indian Prime Minister Narendra Modi’s party has distanced itself from the billionaire amid opposition calls for a probe and allegations that Modi is shielding Adani, charges his ruling party deny.
There is also a growing spotlight on Sagar Adani, a millennial scion of the company who is alleged to have kept track of…
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