Adani Group Cleared of US Bribery Allegations by Indian Competition Authority
Gautam Adani & cos get CCI clean chit in US bribery allegations in SECI tender case
The Economic Times
Image: The Economic Times
Gautam Adani and his companies, Adani Enterprises and Adani Green Energy, have been cleared of bribery allegations by the Competition Commission of India (CCI) related to a Solar Energy Corporation of India (SECI) tender. The allegations involved a purported $250 million bribery scheme to secure solar energy contracts, which the Adani Group has denied as baseless.
- 01Adani Group cleared of bribery allegations by CCI.
- 02US prosecutors alleged a $250 million bribery scheme.
- 03The allegations stemmed from a 2019 solar energy project.
- 04SECI found no basis for further investigation.
- 05Adani Group continues to deny all allegations.
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Gautam Adani, along with his companies Adani Enterprises and Adani Green Energy, has received a clean chit from the Competition Commission of India (CCI) regarding bribery allegations in a tender case involving the Solar Energy Corporation of India (SECI). The CCI determined there was no prima facie case warranting an investigation into violations of the Competition Act. The allegations, which originated from US prosecutors, claimed that the Adani Group facilitated a $250 million bribery scheme to secure solar energy contracts between 2021 and 2022. The Adani Group has consistently denied these claims, labeling them as 'baseless'. The case traces back to a 2019 solar energy project aimed at generating 15,000 MW of power, which faced delays due to pricing disagreements and issues securing agreements with state electricity distributors. SECI stated it had
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The resolution of these allegations may restore investor confidence in the Adani Group and its renewable energy projects, potentially influencing future investments in India's solar sector.
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