Drone Scandal Unveils Trouble in India's Corporate Giant

Reliance Industries is embroiled in a bribery investigation concerning drone imports, implicating a senior vice president and a government official. The Central Bureau of Investigation has demanded documents from Reliance, while both accused parties deny any wrongdoing. The investigation coincides with Reliance's plans for Jio Platforms' mega stock offering.

Reliance Industries, India's largest publicly traded company, is entangled in a federal police investigation concerning bribery allegations tied to drone imports. The case has led to the arrest of Bharat Mathur, a senior vice president at Reliance, and an official from the country's aviation regulator.

The Central Bureau of Investigation (CBI) alleges that Mathur and the regulator conspired for a $16,000 bribe to expedite drone import approvals for Asteria Aerospace, a unit of Reliance. Mathur, who was granted bail, and the government official, who remains in custody, both deny the charges.

This legal scrutiny comes at a critical time for Reliance, as its subsidiary Jio Platforms is preparing for a major stock market debut in Mumbai. Meanwhile, Reliance has distanced itself, claiming the transaction was unauthorized and Mathur acted alone.