Adanis sold bribe-linked assets to TotalEnergies despite US probe knowledge
Gautam Adani and his nephew Sagar Adani, knew that their renewable energy firm was under US scrutiny for suspected bribery when they sold a stake in India's largest solar park to TotalEnergies, prosecutors have alleged in documents reviewed by Reuters. In September 2024, TotalEnergies pumped $444 million into a joint venture with Adani Green Energy, for a 50% share in 1.15GW of solar installations at the Khavda solar park—the project at the core of the bribery charges.
Adani's renewable energy company under US investigation
Gautam Adani, Sagar, and the ex-CEO of Adani Green Energy Limited are among eight individuals charged by US prosecutors. They allegedly made improper payments to Indian officials from July 2021 to 2024 to ensure the success of a solar project. The allegations emerged after TotalEnergies purchased a 20% share in Adani Green Energy in January 2021.
US indictment reveals bribery investigation timeline
The US indictment shows that FBI special agents served Sagar, Executive Director of Adani Green Energy, with a search warrant and grand jury subpoena in March 2023. The documents named Adani Green Energy, its ex-CEO Vneet Jaain, and Chairperson Gautam Adani as being under investigation for alleged bribery to secure business advantages for the company. The revelation of this anti-bribery probe in the US comes nearly a year after.
Adani Group's response to US bribery charges
The Adani Group has dismissed the allegations as baseless. The US Department of Justice (DOJ) issued an indictment against Sagar and Gautam Adani among others on November 20, accusing them of violating the US Foreign Corrupt Practices Act (FCPA) by bribing officials. The DOJ announced a bribery scheme allegedly involving Gautam and other executives from the Adani Group, accusing them of offering $250 million in bribes to Indian government officials.
Alleged bribery scheme facilitated solar energy contracts
The alleged bribery scheme enabled solar energy contracts under the Manufacturing Linked Project (MLP), with Andhra Pradesh being the focal point of the investigation. The indictment outlines several meetings where Gautam Adani personally met Foreign Official #1 in AP to push the deals. These meetings reportedly resulted in Andhra Pradesh DISCOMs signing an agreement with SECI (Solar Energy Corporation of India) on December 1, 2021, to buy 2.3GW of solar power—the highest amount procured by any Indian state.
