The companies of billionaire Gautam Adani, one of Asia’s richest men, showed some signs of recovery on Friday even as controversy and uncertainty continued to roil the Indian tycoon’s businesses after he was indicted by U.S. prosecutors for bribery and fraud.
FILE - India ’s Adani Group Chairman Gautam Adani addresses the Vibrant Gujarat Global Summit in Gandhinagar, India , Jan.10, 2024. Adani’s signage is seen on the facade of Adani’s corporate house in Ahmedabad, India , Thursday, Nov. 21, 2024. India ’s opposition Congress party leader Rahul Gandhi addresses the media on India n businessman Gautam Adani, after Adani was indicted by U.S.
The test for Adani, whose multibillion dollar empire spawning everything from energy and ports to media and agriculture, comes just after the 62-year-old founder and his sprawling business empire had bounced back after losing more thanProsecutors on Wednesday alleged that Adani duped investors in a massive solar project in India by concealing that it was being facilitated by bribes. Seven other executives connected to Adani’s sprawling business empire also face charges.
Adani’s imprint across the Indian economy runs deep. He is the country’s largest operator of coal mines and infrastructure developer, operating several ports and airports, and employs tens of thousands of people. Despite his fossil fuel roots, Adani has ambitions to become the world’s largest player in renewable energy by 2030.
The main opposition party seized on the controversy, demanding Adani’s arrest and accusing Modi, who has at times campaigned using an Adani jet, of protecting him. Opposition lawmakers are likely to escalate pressure on Modi when the winter session of parliament begins next week. There’s no doubt this is “bad timing for New Delhi,” said Kugelman, as it comes at a moment “when it’s trying to capitalize on the business world’s desire to move production out of China and find alternate investment destinations.”
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