financetom
Business
financetom
/
Business
/
Ex-chief minister of India's Andhra Pradesh denies bribery allegations, Adani link in solar deal
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Ex-chief minister of India's Andhra Pradesh denies bribery allegations, Adani link in solar deal
Nov 28, 2024 11:54 AM

Nov 28 (Reuters) - The former chief minister of India's

Andhra Pradesh state refuted on Thursday bribery allegations and

any involvement by the Adani Group in the state government's

purchase of solar power while he was in power.

In his first comments after facing allegations of

corruption, Jagan Mohan Reddy dismissed any state involvement

with Adani in the deal. He said the agreement was between the

government and the Solar Energy Corporation of India, which

awards power-supply contracts to companies, and no third party.

"Adani meeting me is nothing out of ordinary. He would have

met me several times during my tenure. He has got ongoing

projects in Andhra Pradesh," Reddy said in a press briefing.

Reuters earlier reported that the southern state is likely

to suspend a power-purchase deal linked to the Adani Group due

to Gautam Adani's indictment in the U.S., and will ask the SECI

and the federal government to investigate the charges.

U.S. authorities have accused Gautam Adani, his nephew and

executive director Sagar Adani and managing director of Adani

Green, Vneet S. Jaain, of being part of a scheme to pay bribes

of $265 million to secure Indian power-supply contracts, and

misleading U.S. investors during fund raises there.

Most of the alleged bribes - $228 million - were paid to a

government official to entice Andhra Pradesh's state

electricity-distribution companies to agree to purchase power,

the U.S. indictment said.

Adani Group has denied all allegations made by the U.S.

Department of Justice and the Securities and Exchange Commission

as "baseless" and said it was fully compliant with all laws.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
BRIEF-Rheinmetall Agrees Takeover Of Vehicle Specialist Loc Performance
BRIEF-Rheinmetall Agrees Takeover Of Vehicle Specialist Loc Performance
Aug 13, 2024
Aug 13 (Reuters) - Rheinmetall AG: * EQS-ADHOC: RHEINMETALL AG: STRATEGIC ACQUISITION IN THE USA - RHEINMETALL AGREES TAKEOVER OF VEHICLE SPECIALIST LOC PERFORMANCE * RHEINMETALL AG - SIGNED AN AGREEMENT TO ACQUIRE ALL EQUITY INTERESTS IN LOC PERFORMANCE PRODUCTS, LLC * RHEINMETALL AG - TO ACQUIRE ALL EQUITY INTERESTS IN LOC PERFORMANCE * RHEINMETALL AG - PURCHASE PRICE AGREED...
Snowflake Shares Climb Amid Sector Strength And Softer PPI Data
Snowflake Shares Climb Amid Sector Strength And Softer PPI Data
Aug 13, 2024
Snowflake Inc. ( SNOW ) shares are on the rise Tuesday. The upward movement in Snowflake’s stock is part of a broader rally within the technology sector, driven by overall market strength following the release of softer-than-expected Producer Price Index (PPI) figures for July 2024. Why is the Stock Moving? The key catalyst behind the market’s positive sentiment is the...
Google Fitbit, Peloton announce fitness content partnership
Google Fitbit, Peloton announce fitness content partnership
Aug 13, 2024
Aug 13 (Reuters) - Google's Fitbit has partnered with Peloton Interactive ( PTON ) to give its premium users access to the exercise equipment maker's fitness content, starting early September, the companies said on Tuesday. As part of the deal, Fitbit premium members based in the U.S., UK, Canada and Australia would have access to Peloton's classes across categories, including...
Soccer-Man United suffer blow as Shaw to miss Premier League opening games
Soccer-Man United suffer blow as Shaw to miss Premier League opening games
Aug 13, 2024
Aug 13 (Reuters) - Manchester United ( MANU ) will be without left back Luke Shaw for the opening matches of the new Premier League season due to a calf injury, the Old Trafford side said on Tuesday. The 29-year-old England international picked up the injury at the start of pre-season training. He is working hard on his rehabilitation with...
Copyright 2023-2025 - www.financetom.com All Rights Reserved