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Billionaire Gautam Adani, head of the Adani Group, spoke out on Saturday about serious accusations from U.S. prosecutors, saying that challenges only make him stronger. While attending the Gem and Jewellery Awards in Jaipur, he mentioned, “Recently, we faced allegations about following laws at Adani Green Energy. This isn’t the first time we’ve faced issues. I can assure you that every challenge makes us tougher and turns obstacles into opportunities.”

Adani denied the claims, emphasizing that no one from his company has been charged with breaking the Foreign Corrupt Practices Act (FCPA) or trying to hide the truth. He noted that in today’s world, negative news spreads quickly, but he remains committed to following the rules.

The U.S. claims that Adani and his team were involved in a scheme to pay over $250 million in bribes to Indian officials for solar energy contracts. They also alleged that Adani made false statements to U.S. investors about the company’s anti-bribery measures.

In response to the accusations, the Adani Group labeled them as “baseless.” The political situation in India has heated up, with opposition parties, especially the Congress party, calling for an investigation into Adani.

The Indian government stated that the bribery allegations are a legal matter between the U.S. and private companies. “We see this as a legal issue involving private firms and the U.S. Department of Justice. We weren’t informed beforehand and have not discussed it with the U.S. government,” said Randhir Jaiswal, a spokesperson for India’s Ministry of External Affairs.

New Delhi: The government of Andhra Pradesh, led by N Chandrababu Naidu, is reviewing important documents about a huge solar power project with Adani Green Energy (AGEL) that provides 7,000 MW of energy. They discovered that the previous government, led by Y S Jaganmohan Reddy, made quick decisions about the project, raising some eyebrows.

The Solar Energy Corporation of India (SECI) initially contacted Andhra Pradesh’s government on September 15, 2021, about acquiring solar power. Just one day later, on September 16, the Cabinet approved the proposal.

Fast forward a bit, on November 5, the Andhra Pradesh Central Power Distribution Corporation (APCPDCL) told the state’s energy regulatory authority, APERC, to proceed with the project. This normally involves a detailed approval process that can take months, especially since public hearings are part of it. For example, a similar project took about six months to get approval. However, for the AGEL project, APERC approved it in just three days, on November 11.

By December 1, a power supply agreement was signed with SECI, completing the entire process in just two and a half months. Now, the Naidu government is thinking about asking SECI to cancel the agreement with AGEL and is considering whether they even need that much energy—7,000 MW.

Gautam Adani, the chairman of the Adani Group, spoke publicly for the first time after facing serious accusations and being charged in the US. He assured people that his company is dedicated to following the law and said, “Every attack makes us stronger.”

Two weeks ago, the US Justice Department and the Securities and Exchange Commission (SEC) charged Gautam Adani, Sagar Adani, and Vneet Jaain, leaders of Adani Green Energy Ltd (AGEL), with serious crimes. They are accused of misleading investors, fraud, and violating US rules in documents related to AGEL’s bonds. The Adani Group called these accusations false and plans to defend itself in court.

At an award ceremony, Adani claimed that despite negative reports, no one from his company has been charged with breaking US laws. He expressed how misinformation travels faster than the truth but emphasized the group’s commitment to following the rules.

Recently, Adani Green Energy cancelled a $600 million bond issue due to the charges. This bond was very popular, oversubscribed three times, right before the prosecutors announced the case against him and his associates for bribing Indian officials over solar power contracts.

After the charges were made public, the stocks of Adani Group companies dropped significantly, losing about $26 billion in market value. However, they have started to bounce back, with many companies seeing stock prices rise recently.

Adani shared how facing challenges is part of aiming high. He believes that these challenges only make the group stronger and tougher. He remarked that although they have had successes, the obstacles are even bigger.

He mentioned how last year, the group stopped a huge share sale after a report from a US short-seller accused them of manipulating stocks. Despite this, their commitment to principles remained strong, and they raised funds from different international sources to reduce the company’s debt.

He reminisced about investing in a coal mine in Australia, which faced a lot of resistance for nearly ten years. He stated that the challenges they faced during that project have made them resilient, as they now have a successful mine in Australia.

Finally, Adani encouraged business leaders to embrace technology and sustainability for better future, empower skilled workers, and guide the younger generation to blend tradition with innovation.