Adani Bribery Allegations: In a relief for the Gautam Adani-led conglomerate, the Andhra Pradesh government has reportedly granted a second extension to Adani Green Energy to begin supplying renewable power.
The company had missed two deadlines previously, citing transmission issues, as per sources cited in a report by Mint. Already the company’s initial deadline of March was pushed to September. This has now been extended to December 25 to commence renewable power supply to the state.
Notably, this is one of the country's largest green energy agreements. Adani Green is set to deliver 3,000 megawatts of renewable electricity to the state in 2024. Then another 3,000 MW in 2025 and an extra 1,000 MW by 2026.
At 09:35 am, the shares of Adani Green Energy were trading at Rs 1,064.65 price level, up by nearly 8 per cent on the National Stock Exchange.
“In this particular case (for supply to Andhra Pradesh), the estimated availability of transmission system as updated on CTUIL (Central Transmission Utility of India Ltd) website is April 2025 and then in January 2026 for 1GW each. Recognizing the above delay, SECI has extended the (scheduled completion dates) for our project to match with above timelines and we are fully committed to supply energy under the PPAs," a company spokesperson said in an email reply to Mint.
Bribery Allegations Against Adani
Last week, all the Adani stocks declined sharply after the group chairman, Gautam Adani and his nephew Sagar Adani, alongside 6 others, were accused of bribery charges.
While the group has denied all allegations under the FCPA (Foreign corrupt practices act), it has admitted to other "alleged" charges, including securities fraud conspiracy and wire fraud conspiracy.
"(media reports) which state that certain of our directors namely Mr. Gautam Adani, Mr. Sagar Adani and Mr. Vneet Jaain have been charged with violation(s) of the U.S. Foreign Corrupt Practices Act (“FCPA”) in the indictment. Such statements are incorrect. Mr. Gautam Adani, Mr. Sagar Adani and Mr. Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or civil complaint of the US SEC," the conglomerate stated in a release.
"These directors have been charged on three counts in the criminal indictment namely (i) alleged securities fraud conspiracy, (ii) alleged wire fraud conspiracy, and (iii) alleged securities fraud," the release further added.
On year-to-date basis, the shares of Adani Green Energy have struggled to remain in the green territory, down by more than 33 per cent on the NSE.
