It has been happening at what appears to be regular intervals, with one agency or another in the USA making allegations against the Adani Group. Obviously, the Adani Group has become very conspicuous in the global stock market and industrial scenario due to its capability to identify project opportunities and implement them within strict schedules in different countries, successfully raising resources for such projects from investors worldwide. Some distant critics even wonder whether the Adani Group is biting off more than it can chew and whether such ambitious investments and targets are realistic or just a bubble waiting to burst.
The latest allegation from the USA is that the Adani Group bribed some government officials in India to obtain licences for solar projects.
A logical question arises: how can a US court issue an arrest warrant against Adani for alleged unproven bribery supposedly committed in India? Does a US court have universal jurisdiction? To justify the US court’s arrest warrant, a laboured statement has been made that the Adani Group tried to raise funds from US investors by hiding the so-called “bribe schemes.” Does this allegation of concealment justify an arrest warrant, especially when no evidence of bribery has been provided? The Adani Group has called these allegations baseless. If no bribe was paid or intended to be paid, the question of hiding it from investors does not arise.
Can there be a more absurd justification for issuing an arrest warrant than claiming Adani “promised to give bribes to government officials” without clearly stating that bribes were actually paid?
Earlier, another US agency, Hindenburg, made wild accusations against Adani, alleging manipulation of the global stock market. Subsequent investigations by Indian monetary agencies concluded that such charges were baseless and dismissed them.
While such allegations are periodically made under one pretext or another by US agencies, the net result is a severe crash in Adani’s share value and significant damage to its reputation. However, it is also observed that Adani’s share value often recovers to its normal level—or even higher—sooner rather than later. Over time, the impact of these allegations diminishes and is eventually disregarded by investors.
This clearly indicates that investors largely retain confidence in the Adani Group’s capabilities and its commitment to projects, rejecting such wild allegations with contempt.
Another impact of these baseless allegations is that, within hours of their emergence, some political parties and so-called activists in India jump on the bandwagon, demanding that Adani be punished or even arrested. Many people wonder why these activists and political parties react so quickly without carefully studying the details or conducting an impartial investigation. Some critics even suspect that these groups have advance knowledge of the allegations and the arrest warrant to be issued.
One more notable aspect is that such allegations are often made against Adani a few days before the commencement of a parliamentary session, presumably to ensure that these issues are highlighted and debated in parliament, garnering widespread publicity in India.
All said and done, the Adani Group is now India’s foremost company, emerging as a multinational player in the global arena through investments, acquisitions, and project proposals in various countries. It owns coal mines in Australia, acquired a majority stake in two Egyptian maritime companies—Transmar and TCI—in 2022, and is offering to set up renewable energy projects in Sri Lanka, among other ventures. Most of these activities involve competing with multinational companies and securing contracts successfully.
In India, too, several major projects have been awarded to the Adani Group, often because other companies have shown little interest or because Adani’s bids were the most competitive. Notably, most of these projects have been completed on time and are operating efficiently, unlike some larger projects by other companies that have failed to meet expectations.
The Adani Group’s contribution to India’s industrial and infrastructure development is substantial and significant, deserving recognition and applause.
The controversies surrounding a few of Adani’s projects do not appear to result from the Group’s approach but rather in spite of it, fuelled by malicious rumours spread by vested interests. No allegations against the Adani Group have been conclusively proven in any court of law, in India or abroad. For example, the controversy surrounding the Group’s renewable energy project in Sri Lanka appears to stem from political and procedural issues rather than technical or commercial concerns.
A point of concern is that whenever such allegations against the Adani Group emerge from US agencies, some political parties and activists in India attempt to link the Group to the Modi government. This suggests that these groups aim to tarnish the Modi government’s image and gain political advantage through hateful propaganda based on unproven allegations.
