Gautam Adani: From Tycoon to Indicted

Gautam Adani, head of Adani Group, is charged in a $265 million bribery case involving solar power projects in India. Warrants focus on Adani, his nephew, and associates. Fallout includes bond cancellation and share price dips. The group denies comment on charges.

In a major legal twist, Gautam Adani, the illustrious billionaire at the helm of the Adani Group, has been indicted in the United States for his alleged part in a $265 million bribery plot. This sweeping legal case implicates Adani in corrupt dealings aimed at gaining contracts for a lucrative solar power project in India.

U.S. prosecutors allege that Adani and seven co-defendants, including his nephew Sagar Adani, bribed Indian government officials. The contracts involved promise significant returns, with profits projected at $2 billion over two decades. In response, arrest warrants have been issued for both Gautam and Sagar Adani.

The allegations have already impacted Adani's business interests. Adani Green Energy has withdrawn plans for a $600 million bond issuance, while its existing bonds have seen a notable drop. The company has declined to comment on the situation, as has Australian investment firm GQG Partners, a key Adani investor, which suffered a substantial stock price decline following the news.

(With inputs from agencies.)