Adani's Solar Drama: Alleged Bribery and Major Stakes

Indian billionaire Gautam Adani is accused of offering millions in bribes to influence local power companies to purchase solar energy, safeguarding a multi-gigawatt deal. The allegations have triggered U.S. legal challenges, adding financial strain on Adani's ventures as both criminal complaints and market instability loom.

In a high-stakes development, Indian billionaire Gautam Adani and his renewable energy endeavor face severe allegations of bribery to secure a massive solar project deal. U.S. charges unveiled this week accuse Adani of bribing Indian officials to ensure local acceptance of his solar power initiatives.

The allegations, which Adani's company denies, suggest that promises of hundreds of millions in bribes were made to persuade local power companies, an accusation drawing scrutiny from U.S. authorities as the company solicited U.S. investments. The case pivots on electronic communications cited in U.S. prosecutions.

The scandal has sent ripples through Adani's business empire, with costs extending to canceled bond sales and steep market value losses. The international implications reflect serious concerns over foreign investments and adherence to anti-bribery laws, casting shadows over Adani's ambitious global renewable energy vision.

(With inputs from agencies.)