The Adani Group has revived a major infrastructure investment plan in the United States, where the group founders were charged with bribery, the Financial Times reported Sunday.
Since President Donald Trump’s election, the conglomerate has reactivated potential plans to fund projects in sectors such as nuclear and utility, with the East Coast Port citing four people close to founder and chair Gautam Adani, the report said.
Federal prosecutors in New York accused Indian officials of bribes in November and convinced them to buy electricity produced by Adani Green Energy.
“We know what we want to do, but we’ll wait until this (the case) is resolved,” FT quoted as saying someone close to Adani.
The Adani Group says the charges are “basically unfounded” and call for “all possible legal measures.” We did not immediately respond to a Reuters request for comments on the FT Report.
The group had previously discussed potential partnerships with US companies and was considering petrochemical investments in Texas, the newspaper said.
After winning Trump’s November election, Gautam Adani said the group plans to invest $10 billion in US energy security and infrastructure projects and create potential jobs for 15,000 people.
Trump vowed to make it easier for energy companies to drill on federal land and build pipelines.
“After Trump came in, we reinvigorated some plans,” FT said.
The US Securities and Exchange Commission last month called for assistance in investigating Gautam Adani and his nephew Sagar Adani on securities fraud and a $265 million bribery scheme allegation.
In 2023, the conglomerate was criticised by the Hindenburg Study, a US short-seller who dissolved earlier this year with inappropriate use of offshore tax havens and inappropriate use of stock operations that caused a $150 billion defeat in the group’s stock. Adani denied these allegations.
