MUMBAI: Indian conglomerate Adani Group's green energy subsidiary said Thursday it had cancelled a US dollar-denominated bond sale, in its first statement acknowledging US criminal charges against billionaire founder Gautam Adani.
"In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings," Adani Green Energy's statement said.
Gautam Adani, chairman of the ports-to-energy Adani Group, his nephew Sagar R Adani, who is an executive director at the conglomerate's renewable energy arm Adani Green Energy Ltd, and its former CEO Vneet Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy.
US prosecutors charged Adani and other defendants for paying over USD 250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than USD 2 billion in profit.
The Adanis were also charged in a US Securities and Exchange Commission (SEC) civil case.