Indian billionaire Adani down again, but not outNEW DELHI, Nov 23, 2024 (BSS/AFP) - Indian billionaire Gautam Adani's feverish push to expand his global energy and infrastructure empire has been knocked by US bribery charges, but analysts believe the tycoon will bounce back. The Adani Group dismissed the bribery charge as "baseless" but Shriram Subramanian, founder of corporate governance advisory firm, InGovern Research Services, said it has "huge" implications. The bribery charges are a huge hurdle for key investors, and sparking grassroots demands for greater scrutiny of major projects. In October, Gautam's nephew and board member Sagar Adani -- also named in the indictment -- told AFP there was "no political connection" between Adani Group and Modi's government. But Kugelman warned the "reputational blows", not only to the Adani Group but to India, were "severe".

Source: Bangladesh Sangbad Sangstha November 23, 2024 12:00 UTC