What next for multi-billion projects after Adani bribery probe

Indian billionaire Gautam Adani and the Adani Group have been thrust into the spotlight once again, this time facing intense scrutiny over bribery allegations from the United States government. This comes on the heels of a previous controversy involving a deal with the Kenyan government. While these high-profile incidents have garnered significant attention, the man behind the Adani Group remains relatively unknown to many. Gautam Adani founded the Adani Group in 1988 as a commodity trading company dealing with agriculture and power commodities. At that time, the Adani name was not synonymous with other well-known Indian conglomerates like Mahindra or Tata. However, Adani's fortunes changed as India underwent economic liberalization in the 1990s, opening up new opportunities for growth. The creation of the Mundra Port, which is now India's largest privately owned port, marked the beginning of Adani's expansion into new sectors. Leveraging India's economic growth, Adani diversified its business into ports, logistics, and data centers. As India's GDP continued to rise, so did Adani's wealth, with Gautam Adani's net worth reaching 6.6 billion U.S. dollars by 2012. The group's value surpassed 10 billion U.S. dollars, reflecting India's economic development and Adani's strategic investments. Adani's partnership with Prime Minister Modi, who has been in office since 2014, further bolstered the group's growth trajectory. Adani's foray into Africa and other international markets mirrored India's global aspirations. The group's expansion into countries like Sri Lanka, Australia, and Kenya signaled its ambition to become a global player in multiple industries. Adani's investments in green energy projects in India, including the establishment of Adani Solar, positioned the group as a leader in sustainable energy solutions. However, Adani's success was marred by controversies, starting with the Hindenburg investigation in 2023, which accused the group of stock manipulation and accounting fraud. Despite inquiries by Indian regulatory bodies, no conclusive evidence of fraud was found. The recent bribery allegations in 2024, where Adani was accused of paying 250 million U.S. dollars in bribes to secure solar energy contracts, have led to a significant decline in the group's market value. Adani Group's stocks lost 15 billion U.S. dollars in just two days, with Adani Green Energy bearing the brunt of the impact. Gautam Adani's net worth plummeted to 53.6 billion U.S. dollars, highlighting the volatility of his wealth amidst allegations of corruption. The allegations have sparked a national debate in India, with some questioning the motives behind the accusations and others calling for more transparency in the investigation process. The story of Gautam Adani and the Adani Group is a complex narrative of ambition, success, and controversy, shedding light on the challenges faced by one of India's most prominent billionaires.