The Adani Group has denied all the allegations as “baseless”, but its 10 listed entities have lost about $33 billion in market value since the indictment, with Adani Green suffering the biggest loss, which has lost about $9.7 billion in market value.
Key details of the group’s stalled deals are as follows:
1. French oil major TotalEnergies will not make any further investments in the Adani Group, after it said it was not informed about bribery allegations in the US against Gautam Adani.
Bernstein Research estimates that Total has a 20% stake in Adani Green Energy, giving it between $4 billion and $5 billion in financial exposure to Adani firms.
Shares of Adani Green Energy fell more than 11% following TotalEnergies’ statement, while shares of Adani Total Gas, in which Total has a 37.4% stake, fell 1.4%.
2. The U.S. International Development Finance Corporation 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, which is partly owned by the Adani Group.
Last November, the agency said it would provide financing for the port terminal project in the major city of Colombo.
3. Sri Lanka is studying the allegations against the Adani Group and will consider all aspects of its projects in the island nation. The government is taking the concerns seriously but has not yet made any final decisions.
4. Kenya has canceled a more than $2 billion procurement process that was expected to give the Adani Group control of its main airport. The deal was to add a second runway at Jomo Kenyatta International Airport and upgrade the passenger terminal in exchange for a 30-year lease.
Kenya also cancelled a separate 30-year, $736 million public-private partnership signed by Adani Energy Solutions with its energy ministry in October.
5. Bangladesh has set up a committee to investigate its power generation contracts signed during former Prime Minister Sheikh Hasina’s tenure, including the one with Adani Power. The committee has urged the interim government to appoint a global law firm to ensure a thorough and transparent investigation of the deals.
6. India’s southern state of Andhra Pradesh is considering the possibility of cancelling a power supply contract involving the Adani Group, following allegations of bribery in the US, a top official told Reuters.
The indictment report said that more than $265 million in bribes were paid to Indian government officials to obtain solar power supply contracts in several states, with the majority of the amount, approximately $228 million, going to Andhra Pradesh.
