Adani Group renewing investment interests in US amid legal challenges
What's the story
The Adani Group is said to be reviving its investment interests in the United States, particularly in areas such as nuclear energy and utilities.
The move comes even as Gautam Adani, the conglomerate's rich founder, faces criminal allegations.
The group's renewed interest in funding US projects was confirmed by four people connected to Adani, according to a report by Financial Times.
Initial pledge
Initial commitment to US investment
After Donald Trump was elected president last year, Adani had pledged to invest $10 billion in the US. The investment was expected to create around 15,000 jobs.
However, the plans were put on hold when Adani and seven others were indicted by US authorities for their alleged involvement in a $265 million bribery scheme involving a solar energy firm in India.
Legal hurdles
Adani Group's response to legal challenges
A source linked to Adani told FT that there was a sense of "big relief" within the conglomerate after Trump called for a suspension of the enforcement of the Foreign Corrupt Practices Act.
This raised hopes that the legal challenges against him might ultimately fail.
The Adani Group has termed the allegations "baseless."
Another insider admitted a "Damocles sword" still looms over Adani, owing to fears of the investigation's indefinite nature.
Business prospects
Potential collaborations with US firms
The Adani Group had been in talks with US firms for potential collaborations and had looked into opportunities for petrochemical investments in Texas, the sources said.
As of now, the group has no major investments/projects in the US.
Michael Kugelman, Director of the South Asia Institute at the Wilson Center in Washington, said if charges are dismissed, Adani is likely to pursue his investment objectives in America.