How smoothly Adani will expand his projects in the US will be a thing to watch, as the Group’s name has been engulfed in controversies
Adani Group chairman Gautam Adani is eyeing to invest $10 billion in US energy and infrastructure projects. Adani announced the company’s plan in a congratulatory post for the US President-elect Donald Trump for his win. The investment will result in the creation of nearly 15,000 jobs, Adani said in a post on X on Wednesday.
“Congratulations to @realDonaldTrump. As the partnership between India and the United States deepens, the Adani Group is committed to leveraging its global expertise and invest $10 billion in US energy security and resilient infrastructure projects, aiming to create up to 15,000 jobs,” said Adani on X.
The announcement has come at a time when the American petroleum institute (API) has asked Trump to do away with certain laws of President Joe Biden that hinder the energy sector’s growth and threaten those employed in the area. Trump’s stance on the oil sector seems to be optimistic.
However, how smoothly Adani will expand his projects in the US will be a thing to watch as the Group’s name has been engulfed in controversies. Earlier this year, Bloomberg reported that the US government was probing the Adani Group chairman over accusations that the conglomerate bribed Indian officials to back the group for an energy project in the US.
“The news article highlights an Adani Group entity that was potentially involved in paying officials in India for favourable treatment on an energy project,” said JPMorgan in a report, according to Fortune India.
Earlier, the American short seller Hindenburg Research accused Adani Group of stock manipulation and financial wrongdoing in a report titled ‘Adani Group: How the World’s 3rd Richest Man is Pulling the Largest Con in Corporate History’.
“We have identified 38 Mauritius shell entities controlled by Vinod Adani or close Associates. We have identified entities that are also surreptitiously controlled by Vinod Adani in Cyprus, the UAE, Singapore, and several Caribbean Islands,” the short seller said in its report.
The group, however, has denied the allegations. Later the short seller published another report accusing the securities and exchange board of India (Sebi) chief and her husband of being involved in supporting the Adani Group.