India's Adani Green says independent review on US indictment found no irregularities
April 28 (Reuters) - India's Adani Green (ADNA.NS), opens new tab on Monday said that its independent review of the U.S. indictment of founder Gautam Adani and top Adani Green executives, who were accused of paying $265 million in bribes for power contracts, did not identify any non-compliance or irregularities.
In November, U.S. authorities indicted Gautam Adani, his nephew and Executive Director Sagar Adani and Managing Director Vneet S. Jaain, alleging that they paid bribes to secure Indian power supply contracts and misled U.S. investors during fund raises.
The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
The Adani Group has denied the charges, calling them "baseless."
The company appointed independent law firms in January to review the U.S. indictment.
Based on this review, the management of the holding company concluded that it, along with its subsidiaries, complied with applicable laws and regulations, Adani Green said in an exchange filing.
The company added it does not expect the U.S. proceedings to have material consequences for the group.
The U.S. Securities and Exchange Commission asked Indian authorities for assistance in February with its investigation.
Meanwhile, the company reappointed Vneet Jaain as its managing director for another five years, effective July 10, despite the U.S. indictment.
Throughout his 15-year tenure, Jaain has been "spearheaded on group's strategy for its energy and infrastructure business and has been instrumental in growing various businesses from conceptualisation to operation," Adani Green said in a statement.
Reporting by Sethuraman NR in Bengaluru; Editing by Tasim Zahid
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
9 minutes ago
- Reuters
India scraps central renewable energy pricing pools to speed up power deals
Aug 5 (Reuters) - India has scrapped a central pricing system for renewable energy projects after developers raised concerns that it was slowing down power deals, as per a memo seen by Reuters. The Ministry of Power said it was dissolving the solar power central pool and the solar-wind hybrid central pool, set up in February 2024 to standardise tariffs for clean energy projects over a three-year period, the memo dated August 1 said. The pools were part of a uniform renewable energy tariff (URET) mechanism aimed at protecting buyers from fluctuating prices. However, developers and government renewable agencies raised concerns that the buyers were hesitant to sign contracts due to uncertainty over future tariffs for three years, the memo said. India has a large pipeline of renewable energy projects waiting for power sale agreements and to avoid further delays, the ministry said it was withdrawing the order. India's stranded renewable power capacity - projects awarded but unable to come online - more than doubled over nine months, due to unfinished transmission lines, and legal and regulatory delays, Reuters reported last week. While the pools will no longer exist, the government said bids already received and letters of award issued under the scheme will remain valid.
Reuters
11 minutes ago
- Reuters
Sweden, Norway, Denmark give $486 mln to NATO project to send US weapons to Ukraine
HELSINKI, Aug 5 (Reuters) - Sweden, Norway and Denmark will together contribute around 5 billion Norwegian crowns ($486.16 million) to a NATO-led initiative to supply Ukraine with U.S. weapons, the Norwegian government said in a statement on Tuesday. ($1 = 10.2846 Norwegian crowns)
Reuters
12 minutes ago
- Reuters
Apollo tops profit estimates on strong fee-related earnings, inflows
Aug 5 (Reuters) - Apollo Global Management (APO.N), opens new tab beat second-quarter profit expectations on Tuesday, helped by record fee-related earnings and fresh cash inflow from investors during a turbulent period marked by President Donald Trump's tariff salvos. Shares of the investment giant surged nearly 5% to $148.90 and were set to open at their highest in nearly a week if current gains hold. Founded in 1990 with a focus on private equity, Apollo branched out to become a major corporate credit investor and took full control of insurance company Athene in 2021, steps that have allowed it to somewhat stabilize earnings. Apollo posted adjusted net income of $1.18 billion, or $1.92 per share, for the three months ended June 30, surpassing analysts' expectation of $1.84, according to estimates compiled by LSEG. Fee-related earnings of $627 million, up 22% from a year ago. Management fees in credit rose 25%, dwarfing the 12% jump in fees from equity. Capital solutions fees rose 4%, thanks to growth in debt origination. The origination business, which raises loans for companies globally, clocked up volumes of $81 billion. The company generated $61 billion in net inflows, stemming from outside investors, assets added through the purchase of a smaller manager and its insurance arm Athene. Total assets under management rose 21% to $840 billion. Against a tough backdrop for private equity's traditional model of buying and selling companies, Apollo said it earned $219 million in fees, reflecting "a few sizeable monetizations" or asset sales. However, it said activity "remains prudently delayed amid an uncertain exit environment". "In a dynamic environment, we remain focused on investing and innovating behind long-term growth themes — retirement, wealth, industrial renaissance, and the public-private convergence," CEO Marc Rowan said in a statement. The company has aligned itself with increasing investor interest in private markets, driven by the need to diversify away from traditional asset classes. The company is coming up with new ways to tap into that demand, including a tokenized feeder fund, opens new tab and a private credit exchange traded fund with State Street (STT.N), opens new tab. "Most days I wake up concerned more about the supply," he said in May. Still, market sentiment has remained weak as its shares have lost nearly 14% of their value so far this year, compared with a nearly 8% gain for the benchmark S&P 500 (.SPX), opens new tab index.
