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27-11-2024, 07:40 AM
Sue-Ann Tan
Business Correspondent
Updated Nov 26, 2024, 10:09 PM
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Adani Group, which in 2020 won a bid to supply eight gigawatts of electricity to a state-owned firm through its renewable energy arm, Adani Green Energy.
That deal was what Adani called the single largest solar development bid ever awarded.
But all this was called into question when US prosecutors alleged a bribery scheme in criminal and civil charges related to the bid, unsealed on Nov 20.
US prosecutors alleged that Mr Adani and seven others, including his nephew, promised to pay bribes to Indian government officials to win solar energy contracts.
The bribes are said to be over US$250 million (S$336.5 million) for solar contracts worth an estimated US$2 billion over 20 years. The prosecutors alleged that this plan was concealed as the group tried to raise money from US investors.
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The saga has hit the global financial sector, affecting businesses like French oil firm TotalEnergies, which holds a stake in Adani Green Energy, as well as some 770 environmental, social and governance (ESG) funds that hold its shares.
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So far, the local banking sector’s overall exposure to Adani Group is small
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Adani Group runs an edible oil and food business in India through a joint venture with Singapore-listed Wilmar International. Shares of Adani Wilmar, which is listed in India, have fallen since the indictment on Nov 20.
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Wilmar International holds a 50 per cent stake in the Adani Wilmar joint venture, with Adani Enterprises holding the other 50 per cent.
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Temasek has since let go of its positions in Adani. GIC declined to comment when contacted by ST.
Full report at: https://www.straitstimes.com/business/co...ial-sector
Business Correspondent
Updated Nov 26, 2024, 10:09 PM
......
Adani Group, which in 2020 won a bid to supply eight gigawatts of electricity to a state-owned firm through its renewable energy arm, Adani Green Energy.
That deal was what Adani called the single largest solar development bid ever awarded.
But all this was called into question when US prosecutors alleged a bribery scheme in criminal and civil charges related to the bid, unsealed on Nov 20.
US prosecutors alleged that Mr Adani and seven others, including his nephew, promised to pay bribes to Indian government officials to win solar energy contracts.
The bribes are said to be over US$250 million (S$336.5 million) for solar contracts worth an estimated US$2 billion over 20 years. The prosecutors alleged that this plan was concealed as the group tried to raise money from US investors.
......
The saga has hit the global financial sector, affecting businesses like French oil firm TotalEnergies, which holds a stake in Adani Green Energy, as well as some 770 environmental, social and governance (ESG) funds that hold its shares.
......
So far, the local banking sector’s overall exposure to Adani Group is small
......
Adani Group runs an edible oil and food business in India through a joint venture with Singapore-listed Wilmar International. Shares of Adani Wilmar, which is listed in India, have fallen since the indictment on Nov 20.
......
Wilmar International holds a 50 per cent stake in the Adani Wilmar joint venture, with Adani Enterprises holding the other 50 per cent.
......
Temasek has since let go of its positions in Adani. GIC declined to comment when contacted by ST.
Full report at: https://www.straitstimes.com/business/co...ial-sector
