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A unit of Gautam Adani's conglomerate raised $600 million in the US corporate bond market just hours before he was indicted for allegedly participating in a bribery scheme. Prosecutors claim Adani and others promised over $250 million in bribes to secure solar energy contracts in India, misleading US investors in the process.
Indian billionaire Gautam Adani has been indicted in New York for allegedly orchestrating a bribery scheme involving Indian officials to secure solar power contracts worth billions. Alongside seven executives, including his nephew, he faces charges of securities fraud and conspiracy, which could exacerbate the ongoing public relations crisis for Adani Group following previous allegations of accounting fraud. The SEC claims that the defendants misled US investors about their anti-bribery compliance while raising significant capital during the scheme.
Billionaire Gautam Adani has been indicted in the United States on bribery charges. This legal development raises significant concerns regarding his business dealings and the implications for his vast empire. Further details on the case are expected to unfold as the situation develops.
Gautam Adani is re-entering the dollar bond market after a previous deal was postponed, capitalizing on tightened credit spreads following Donald Trump"s election victory, which has enhanced global risk appetite. The funds raised will be used to repay foreign-currency loans, although rising US yields may lead to increased borrowing costs compared to the earlier offering planned for October.
Billionaire Gautam Adani’s conglomerate has launched a dollar bond sale after postponing a previous offering due to investor concerns over pricing. Adani Green Energy Ltd. is marketing a 20-year $600 million note at a yield of approximately 7.75%, up from an initial guidance of around 7% prior to the delay.
India’s Adani Group is set to invest $10 billion in energy and infrastructure projects in the United States, enhancing business relations between the two nations. This investment is expected to generate approximately 15,000 jobs, as stated by billionaire Gautam Adani on X.
Adani Power Jharkhand Limited has warned Bangladesh that it will cut electricity supply if outstanding dues of nearly $850 million are not settled by November 7. The company has already halved its power output, leading to a shortfall of over 1,600 megawatts, due to unpaid bills. Despite the Bangladesh Power Development Board making weekly payments, the total charges have exceeded payments, resulting in accumulating debts.
Gautam Adani is in discussions for infrastructure projects in Bhutan's new Gelephu Mindfulness City, as the country seeks investment for a mega township near its border with India. The Adani Group is negotiating with the government to establish solar and hydroelectric plants in the region's 1,000-square-kilometer flatlands, according to Lotay Tshering, the newly-appointed governor.
Kenyan President William Ruto defended the government's decision to engage with Adani Group, following public protests over the lack of transparency in the deals. Recently, Kenya signed a $736 million agreement with Adani Energy Solutions Ltd. for power-transmission lines, amid backlash over plans to lease the country's largest airport to another Adani unit.
Ambuja Cements Ltd., part of the Adani Group, has acquired Orient Cement Ltd. for 81 billion rupees ($963 million). The deal involves Ambuja purchasing 46.8% of Orient Cement shares from its founders and certain public shareholders, as Gautam Adani continues to strengthen his foothold in the cement industry to support India's infrastructure development.
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