Factbox: Major fallout for India's Adani Group after U.S. bribery indictment

Adani Total Gas

26/11/2024 07:20

Nov 26 (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.
    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:
    
    ** French oil major TotalEnergies  TTEF.PA  will not make
any more investments in the Adani Group, saying that it was not
informed of the U.S. bribery charges against Gautam Adani.
    Total has a 20% stake in Adani Green Energy  ADNA.NS ,
putting its financial exposure in Adani firms at between $4
billion and $5 billion, Bernstein Research estimates. 
    Shares of Adani Green Energy plunged more than 11% after
TotalEnergies' statement, while those of Adani Total Gas
 ADAG.NS , in which Total holds 37.4%, closed down 1.4%.
    
    ** 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 in exchange for a 30-year lease.
    Kenya also scrapped a separate 30-year, $736-million
public-private partnership, signed by Adani Energy Solutions
 ADAI.NS  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
 ADAN.NS . The committee has urged the interim government to
hire a global legal firm to ensure thorough and transparent
vetting of the deals.
    
    ** India's southern state of Andhra Pradesh state is
weighing the possibility of canceling a power supply contract
linked to the Adani Group, a top official told Reuters, after
the U.S. bribery indictments.
    The indictment report said bribes of more than $265 million
were paid to Indian government officials to obtain solar
power-supply contracts in several states, with Andhra Pradesh
receiving most of the money, about $228 million.

 (Reporting by Kashish Tandon in Bengaluru; Editing by Clarence
Fernandez)
 ((Kashish.Tandon@thomsonreuters.com; 8800437922;))