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Andhra Pradesh is expected to suspend its power purchase agreement with the Adani Group due to the recent indictment of Gautam Adani in the U.S. This decision reflects the state's response to the legal challenges facing the conglomerate.
Adani Group faces escalating challenges as U.S. authorities indict its founder on bribery and fraud charges, leading to a significant selloff in its stocks and bonds. Major partners, including TotalEnergies and the Kenyan government, have halted investments, while the U.S. International Development Finance Corp reviews its agreements with the conglomerate. The situation has prompted scrutiny from Indian regulators and calls for further investigation into the group's financial practices.
Andhra Pradesh is reviewing the possibility of canceling a power supply contract with the Adani Group following allegations of bribery involving its founder, Gautam Adani. U.S. authorities have indicted him and others for allegedly paying $265 million in bribes to secure solar power contracts across several Indian states. The state government is examining files from the previous administration related to these allegations.
Vedanta Resources Ltd. has successfully priced its third dollar-bond sale in two months, raising $800 million in callable notes across 3.5- and 7-year tranches. The proceeds will be used to refinance bonds maturing in 2028, following a brief pause due to market volatility linked to the recent indictment of Adani Group founder Gautam Adani. The offering attracted over $1.19 billion in orders, with both tranches tightening 12.5 basis points from their initial pricing.
UBS is re-entering the wealth management sector in Australia, focusing on the increasing number of affluent women and family offices, as part of its Asia-Pacific expansion strategy. Meanwhile, Australia faces a significant shakeup in the gas-guzzler market with the introduction of new hybrid models, and the budget deficit is projected to exceed previous forecasts, reaching A$33.5 billion by mid-2025. Additionally, New Zealand's central bank is expected to cut interest rates again, reflecting aggressive monetary policy shifts in the region.
Gautam Adani, a prominent billionaire in Asia, is facing serious legal challenges, including an alleged bribery conspiracy. Legal experts warn that the situation may lead to a surge of investor lawsuits, particularly in light of potential criminal charges or actions from the Securities and Exchange Commission.
GQG Partners, which holds nearly 20% in Adani Group companies, stated that recent U.S. actions will not materially impact the conglomerate's businesses. The firm believes that, apart from Adani Green Energy, the companies are well-positioned and do not require additional capital at this time. Meanwhile, Gautam Adani faces indictment in New York over a $265-million bribery scheme.
TotalEnergies SE has announced it will halt new investments in the Adani Group until the implications of US bribery charges against founder Gautam Adani and others are clarified. This decision raises concerns about Adani's financial capacity for expansion and impacts TotalEnergies's growth strategy in India, where it has previously partnered with Adani in renewables and natural gas.
Vedanta Resources Ltd. is proceeding with its second dollar bond offering in two months, aiming to gauge investor interest in Indian offshore debt following recent events involving the Adani Group. The London-based mining company plans to issue callable notes in two parts, maturing in 3.5 and seven years, with initial price guidance set at 10.375% and 11.375%.
TotalEnergies has announced it will cease new investments in Adani Group companies due to ongoing federal indictments against Chairman Gautam Adani and his nephew. The company emphasized its stance against corruption and stated that no new financial contributions will be made until the allegations are clarified. TotalEnergies currently holds a 19.75% stake in Adani Green Energy Limited and significant stakes in other Adani ventures.
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