SOLAR POWER CONTRACTS
Adani CFO says bribery allegations linked to single business contract
Adani Group's CFO, Jugeshinder Robbie Singh, defended the conglomerate against US bribery allegations, stating that they involve a single contract representing about 10% of Adani Green Energy's business. Singh emphasized that the accusations are limited to a specific contract and do not involve any wrongdoing by other Adani Group companies.
Adani Bribery Case: US SEC summons Gautam Adani, nephew Sagar
Gautam Adani and his nephew Sagar Adani have been summoned by a US court. They are accused of bribing Indian officials to secure solar energy contracts. The US Securities and Exchange Commission alleges the bribes totaled USD 265 million. The Adani Group denies the allegations and maintains its commitment to ethical practices.
Azure probe found irregularities, shared details with justice department
Azure Power's internal probe, prompted by whistleblowers, uncovered employee misconduct and potential improper payments related to a solar project in Andhra Pradesh. The company shared its findings, which included evidence of data manipulation, with the US Department of Justice. Azure surrendered the project to SECI, citing the investigation, and it was later awarded to Adani Green.
Competition regulator unlikely to take cognizance of media reports on Adani bribery issue
Ravneet Kaur, CCI Chairperson, stated that the regulatory body is unlikely to investigate the bribery allegations against the Adani Group based solely on media reports. Kaur emphasized that the CCI operates under the Competition Act and requires formal information filing before initiating any action.
What's next for Gautam Adani after U.S. bribery, fraud charges?
Indian billionaire Gautam Adani faces charges in the U.S. for allegedly orchestrating a massive bribery scheme to secure solar energy contracts. Prosecutors allege over $250 million in bribes were paid to Indian officials. While Adani remains in India, he could face extradition and decades in prison if found guilty.
Will study US "chargesheet reports", act on it, says Andhra CM on Adani bribery case
Andhra Pradesh Chief Minister N Chandrababu Naidu stated that the state government possesses US chargesheet reports detailing an alleged bribery scheme involving the former YSRCP government and the Adani Group. Naidu pledged to investigate the reports and take appropriate action, emphasizing the damage the allegations have caused to the state's reputation.
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Key events in Gautam Adani's US indictment over alleged bribery scheme
Indian billionaire Gautam Adani and two others have been indicted by U.S. prosecutors for allegedly orchestrating a $265 million bribery scheme in India to secure solar power contracts. The U.S. Securities and Exchange Commission also filed civil charges. The Adani Group denies the allegations.
SECI link to Adani bribe, fraud probe: What put India's solar power nodal agency in the dock?
The US Justice Department is investigating allegations of bribery involving Adani Group, Azure Power, and India's Solar Energy Corporation (SECI). The matter traces back to a 2019 (stalled) solar project, with accusations that Adani offered bribes exceeding $250 million to secure agreements with state discoms despite pricing disputes. Adani has denied the allegations.
Adani Bribery Allegations: Here're the 'encrypted' WhatsApp messages of accused Sagar Adani
Adani Group Bribe Allegations: The Adani Group faces renewed scrutiny after U.S. prosecutors revealed allegations of a $265 million bribery scheme involving top executives, including founder Gautam Adani and his nephew, Sagar Adani. Court filings suggest Sagar meticulously documented hundreds of millions in alleged bribes on his mobile phone, with notes prosecutors labeled as "bribe notes".
Indian tycoon Adani's US indictment spooks investors; bonds fall again
The Adani Group's bonds faced pressure for a second day following fraud charges against founder Gautam Adani by U.S. prosecutors. Despite the group's denial and assurance to investors, its companies lost billions in market value. U.S. prosecutors allege involvement in a $265 million bribery scheme, leading to arrests and investigations.
How Indian billionaire Gautam Adani's alleged bribery scheme took off and unraveled
Indian billionaire Gautam Adani and associates are facing U.S. charges for allegedly orchestrating a multi-million dollar bribery scheme to secure a solar energy contract. Authorities allege Adani bribed local Indian officials to ensure the purchase of solar power, misleading U.S. investors in the process. The alleged scheme, spanning several years, involved falsified documents and hidden transactions during fundraising efforts.
Executives of Azure Power, CDPQ violated FCP Act: US DoJ
The US Department of Justice has indicted executives from Azure Power and its shareholder CDPQ, alleging their involvement in a bribery scheme. They are accused of coordinating with members of the Adani family to secure government contracts for solar projects in India, violating the Foreign Corrupt Practices Act.
No documentary basis yet to start a probe into Adani fraud charges: SECI Chief
India's Solar Energy Corporation (SECI) stated that an investigation into allegations of fraud and bribery against Gautam Adani and others is premature. SECI claims to have received no official communication from US authorities regarding the indictment and has found no evidence of wrongdoing within its ranks.
No direct agreement with Adani, says YSRCP on allegation of bribe for power purchase
The YSRCP clarified that the Andhra Pradesh government had no direct agreement with the Adani Group regarding solar power contracts. The party stated that the power purchase agreement was signed between Solar Energy Corporation of India Ltd (SECI) and AP Discoms, with the approval of regulatory bodies.
No comments for now over Adani solar power row, says TDP on allegations of bribes to Andhra officials for purchases
Telugu Desam Party (TDP), an NDA ally, is currently reviewing the allegations against the Adani Group regarding potential bribes paid for solar power contracts in Andhra Pradesh. The US Department of Justice has charged Gautam Adani and others, but the Adani Group denies these claims. TDP plans to announce its stance after a thorough examination of the situation.
No mention of wrongdoing by SECI in Adani case: CMD R P Gupta
SECI's CMD, R P Gupta, stated that the agency has not been implicated in any wrongdoing related to the Adani case. While US prosecutors allege bribes were paid to Indian officials for favorable solar power contracts, Gupta emphasized that SECI is not accused of any irregularities.
World's biggest solar deal at the centre of Adani's indictment
Gautam Adani and seven others are facing charges in the US for an alleged bribery scheme. US prosecutors claim the scheme aimed to secure solar energy contracts in India. The charges involve bribes paid to Indian government officials. Adani Green Energy, part of the Adani Group, won a significant solar energy contract in India in 2020.
TMC MP questions 'involvement' of BJP government over bribery charges against Adani
Gautam Adani and associates face US charges for allegedly bribing Indian officials to secure favorable solar energy contracts. Opposition leaders, including Saket Gokhale and Mahua Moitra, criticize the Indian government's silence and demand an independent investigation. Adani Group stocks experience a significant decline following the indictment.
Gujarat-based Trom Industries registers nearly 100% rise in sales, profit in H1
Trom Industries, a Gujarat-based renewable energy company, reported increase in net sales for the first half of the fiscal year. The company's net sales reached Rs 46.24 crore, marking a near 100% rise compared to the same period last year.
Tata Power shares jump 2% as co commissions 126 MW floating solar project
Tata Power subsidiary completed a large floating solar project in Madhya Pradesh. The 126 MW project uses over 200,000 solar modules. It generates a significant amount of energy and reduces carbon emissions. The project overcame challenges like fluctuating water levels. It supplies power to the Madhya Pradesh Power Transmission Company.
Gensol Engineering shares surge 5% post securing Rs 780 crore solar PV project
Gensol Engineering's shares rose nearly 5% to Rs 860 after securing a Rs 780 crore contract for a 150 MWac solar PV project in Maharashtra. The contract includes manufacturing, installation, and three years of O&M services, aligning with India's renewable energy goals. Gensol's shares have increased significantly over the past few years.
Tamil Nadu goes to town on manufacturing. Target: hinterland
Across Tamil Nadu there is a veritable tsunami of investment that is being driven into the state¡¯s hinterlands. The southern state, long hailed as India¡¯s Detroit because of its sprawling auto factories, has directed investments out of well-developed hubs like the Chennai-Sriperumbudur-Hosur belt into lesser-known districts.
Adani is eyeing a tiny Himalayan kingdom to power his international blueprint
Billionaire Gautam Adani is considering investment in Bhutan's Gelephu Mindfulness City, focusing on solar and hydroelectric plants. The project aims to transform the region into an economic hub, featuring renewable energy, a proposed international airport, and infrastructure development, with talks ongoing and construction slated to start in mid-2024.
AMPIN Energy Transition, Varroc Group sign PPA for supply of solar power
AMPIN Energy Transition has signed a Power Purchase Agreement with Varroc Group for supplying 27 MW of solar power, marking a repeat order. This deal boosts Varroc's total contracted solar capacity with AMPIN to 60 MW in Maharashtra, reflecting their commitment to innovative renewable energy solutions.
Learn with ETMarkets: Know how to trade copper contracts using Bollinger Band?
The demand for copper copper¡¯s conductivity and durability make it indispensable for electrical systems, wind turbines, and solar power generation.
Sterling and Wilson Renewable Energy gets 2 new orders worth Rs 512 cr
Sterling and Wilson Renewable Energy Ltd has secured two new contracts worth Rs 512 crore. The company received orders for a 250 MWp DC project in Gujarat and a 65 MWp DC project in Maharashtra from private independent power producers. This highlights the confidence of existing clients in SWREL's capabilities.
Reliance Power shares hit 5% upper circuit to fresh high ahead of board meeting
Reliance Power Share Price: CFM became the sole creditor of VIPL after it acquired loans from lenders at Rs 1,265 crore in an all-cash deal in September last year. The company had a principal debt of Rs 2,800 crore.
Reliance Power shares locked in 5% upper circuit on settling Rs 3,900 crore obligations
Reliance Power Share Price: Shares of Reliance Power rose 5% today, reaching a high of Rs 32.98, following the announcement of a settlement regarding obligations worth Rs 3,872.04 crore for the lenders of Vidarbha Industries Power (VIPL). The company also settled all disputes with CFM Asset Reconstruction, pledging 100% of VIPL's shares to CFM for the release of the guarantee.
Reliance Power bags 500 MW battery energy storage contract
Reliance Power has secured a 500 MW battery storage contract through an e-reverse auction conducted by the Solar Energy Corporation of India. The project involves installing standalone BESS units on a build-own-operate model for 'On Demand' usage. This marks Reliance Power's significant entry into the renewable energy sector, with the project set to be commissioned within 24 months.
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