Adani Bribery Case Risks Curbing Enthusiasm for India’s Solar Boom
The country needs trillions of investment, including a hefty dose of foreign capital, to wean itself from coal. That challenge just got tougher.
Workers drive past wind turbines and solar panels at Adani Green Energy Ltd.’s renewable power park in Khavda, Gujarat.
Photographer: Sumit Dayal/BloombergWelcome to our guide to the energy and commodities markets powering the global economy. Today, reporter Rajesh Kumar Singh looks at what US prosecutors’ charges against Indian tycoon and renewable power champion Gautam Adani will mean for New Delhi’s green ambitions.
The recent surge in the value of Adani Group stocks will be read by the sprawling Indian conglomerate as a vote of confidence — and source of solace — after US prosecutors indicted founder Gautam Adani and associates for an alleged $250 million bribery scheme.