Bichachi: Adani will need to revisit Africa operations
As the dust slowly settles after a whirlwind for Indian based firm, Adani Group, the company’s stocks have taken a hit with total value of $15 billion being shed off since the U.S Government accused the company of bribery allegations. CNBC Africa is joined by Mark Bichachi, Managing Director of DIA Consult for more on the road ahead and implications for Kenya’s Government which cancelled two major projects in the aviation and energy sectors.
Tue, 26 Nov 2024 15:04:31 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Cancellation of Adani Group projects in Kenya due to US bribery allegations leads to uncertainty and financial losses.
- Kenyan president faces scrutiny over cancelled projects and must ensure transparency and accountability.
- Opposition groups capitalize on cancellations to strengthen position and gain support amid government challenges.
The Adani Group, an Indian-based firm, is currently facing uncertain times in Kenya as the aftermath of bribery allegations in the United States has caused a significant hit on the company's stocks, shedding off a total value of $15 billion. The implications of the situation are far-reaching, especially for the Kenyan government, which recently decided to cancel two major projects in the aviation and energy sectors. To shed more light on the road ahead for Adani Group and the potential consequences for Kenya, CNBC Africa hosted Mark Bichachi, the Managing Director of DIA Consult. The discussion delved into the uncertainties surrounding the cancelled projects, the stance of the Kenyan president, and the impact on foreign investments and the opposition.
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