Adani case resolution reinforces India-US investment partnership: USISPF President

Reacting to the US Department of Justice dropping the alleged bribery charges against Gautam and Sagar Adani, Mukesh Aghi, President and CEO of the US-India Strategic Partnership Forum (USISPF), said on X that Indian companies are committed to being strong partners in the United States and are investing billions of dollars there.

Reacting to the US Department of Justice dropping the alleged bribery charges against Gautam and Sagar Adani, Mukesh Aghi, President and CEO of the US-India Strategic Partnership Forum (USISPF), said on X that Indian companies are committed to being strong partners in the United States and are investing billions of dollars there. Highlighting the bilateral investment, USISPF President Aghi stated that the resolution in the case involving Adani Enterprise brings closure to the ongoing legal matter, which has been a distraction to the otherwise strong US-India economic partnership.

"At USISPF, we firmly believe these investments underpin Indian companies' desire to be strong partners in the United States. They will build on existing collaboration, further advance job creation, strengthen infrastructure, and boost long-term bilateral economic growth," he added. Aghi also highlighted Adani Enterprises' planned investment of USD 10 billion in the US. "Adani Enterprise's commitment to invest USD 10 billion builds on Ambassador Sergio Gor's recent announcement that Indian companies plan to invest more than USD 20.5 billion across various sectors in the United States," he noted.

According to a Reuters report, the United States Department of Justice has moved to permanently dismiss all alleged criminal fraud charges against billionaire Gautam Adani and his nephew, Sagar Adani. The US Securities and Exchange Commission (SEC) had earlier alleged that Gautam Adani, Sagar Adani and others orchestrated an alleged USD 250 million-plus bribery scheme between 2020 and 2024 to secure solar energy contracts in India. The decision to drop the high-profile case comes after the Adani Group has reportedly pledged to invest USD 10 billion into the United States. Federal prosecutors filed the request in the court, effectively ending the years-long prosecution.In the court filing, federal prosecutors asked the judge to permanently dismiss the charges.

Quoting proscecutors the Wall Street Journal reported, "The Department of Justice has reviewed this case and has decided, in its prosecutorial discretion, not to devote further resources to these criminal charges against individual defendants." However, at the time of filing of this report there was no formal statement on the dropping of charges by the Adani Group.

Earlier, the U.S. SEC had settled the civil lawsuit against Adani Group Chairman Gautam Adani, subject to court approval. According to media reports, Court documents show that Gautam Adani agreed to pay civil penalties of $6 million, while his nephew Sagar Adani, agreed to pay $12 million. The proposed settlement doesn't include an admission of guilt, said news reports. Additionally, the US Treasury Department also agreed to USD 275 million settlement with Adani Enterprises in another case over alleged violations of sanctions on Iran.

Following the developments, Adani Group stocks opened higher at Indian stock market tarde. Adani Enterprises Limited rose 1.69 per cent to Rs 2,735.30, gaining Rs 45.50. Adani Green Energy Limited advanced 1.13 per cent to Rs 1,384.50, while Adani Total Gas Limited climbed 1.07 per cent to Rs 616.65. Adani Power Limited also traded in the green, up 0.39 per cent at Rs 220.15. However, Adani Energy Solutions Limited bucked the trend marginally, slipping 0.10 per cent to Rs 1,327.00. (ANI)