• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Editor's Pick

Factbox-Major fallout for India’s Adani Group after U.S. bribery indictment

by November 27, 2024
written by November 27, 2024

(Reuters) -Some nations and investors have either scrapped deals or halted investments in the Adani Group, after the United States indicted its billionaire chairman Gautam Adani for alleged bribery and fraud to win contracts for a group company, Adani Green Energy (NS:ADNA).

Adani Group has denied all the accusations as “baseless”, but its 10 listed entities have lost about $33 billion in market value since the indictment, with Adani Green the hardest hit, losing about $9.7 billion in market value.

Here are key details of the conglomerate’s stalled deals and other fallout:

** Ratings agency Moody’s (NYSE:MCO) cut the outlook on the ratings of seven Adani entities to ‘negative’ from ‘stable,’ citing the U.S. indictment of Chairman Gautam Adani and others could weaken the group’s access to funding and increase its capital costs.

Meanwhile, Fitch earlier put some Adani Group bonds on watch for a possible downgrade, also citing the U.S. indictment.

** India’s Andhra Pradesh state is likely to suspend a power purchase deal linked to Adani Group due to the U.S. indictment, two state government sources told Reuters. The southern state will also ask the federal government and the Solar Energy Corporation of India (SECI), which awards power supply contracts to companies like Adani, to investigate the charges.

** French oil major TotalEnergies (EPA:TTEF) will not make any more investments in the Adani Group. Total has a 20% stake in Adani Green Energy, putting its financial exposure in Adani firms at between $4 billion and $5 billion, Bernstein Research estimates.

** The U.S. International Development Finance Corp is reviewing the impact of the indictment against Gautam Adani on the agency’s plan to lend $550 million for a port development project in Sri Lanka partly owned by Adani Group. Last November, the agency said it would provide financing for the port terminal project in the key city of Colombo.

** Sri Lanka is studying the accusations against Adani Group and will consider all aspects of its projects in the island nation. The government is taking the concerns seriously but has made no final decision yet.

** Kenya has canceled a procurement process of more than $2 billion that was expected to give control of its main airport to the Adani Group. The deal was to add a second runway at the Jomo Kenyatta international airport and upgrade the passenger terminal. Kenya also scrapped a separate 30-year, $736-million public-private partnership, signed by Adani Energy Solutions with its energy ministry in October.

** Bangladesh has set up a committee to investigate its power generation contracts signed during the tenure of former prime minister Sheikh Hasina, one of them with Adani Power (NS:ADAN).

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Amazon workers worldwide set to protest on Black Friday weekend, union federation says
next post
French markets wracked by budget fears; Barnier warns of ‘big storm’

You may also like

China central bank conducts 1.7 trln yuan of...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

ECB president fears loss of central bank independence

January 27, 2025

European tech shares tumble as China’s AI push...

January 27, 2025

Futures slip as investors eye China’s latest AI...

January 27, 2025

Markets may be repeating the mistake of 2019,...

January 27, 2025

How billionaire Caltagirone could influence Italy’s banking M&A...

January 27, 2025

How Italy’s MPS went from near collapse to...

January 27, 2025

Analysis-To weather Trump, emerging market investors look to...

January 27, 2025

Chinese AI startup DeepSeek overtakes ChatGPT on Apple...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • Loews reports higher Q3 earnings, beats estimates
    • Earnings call: SAP reports robust Q3 2024 growth, raises outlook

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy