Gautam Adani, the Indian billionaire, addressed shareholders this week, again denying any wrongdoing in the face of U.S. bribery allegations. At the Adani Group‘s meeting, Gautam Adani said that no one from the company has been charged under U.S. law. Foreign Corrupt Practices Act (FCPA), following a 2024 indictment involving alleged bribes for Indian power contracts in the U.S.
Adani called the allegations “baseless” and stated that the Group is cooperating with the legal process. The company is also under scrutiny from India’s SEBI after a 2023 report from Hindenburg Research claimed it had misused tax havens, which Adani has continuously denied.
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Adani laid out a bold strategic plan for the next five years under which they will invest around $20 billion per year. In particular, future initiatives are focused on its renewable energy venture in Khavda, Gujarat, which intends to add 50 GW of capacity by 2030. With the thermal and hydro assets included, the Adani Group targets a total energy generation of 100 GW by the decade’s end.
These announcements demonstrate Adani’s commitment to long-term planning; the company’s growth ambitions will continue despite ongoing scrutiny.
