Despite criminal charges against the founder of the Indian conglomerate billionaire, those familiar with the matter say that the Adani Group has revived plans for a massive investment in the US.
The infrastructure-focused business group is re-activating potential plans to fund projects in the US sector, such as nuclear power and utility, four people close to the group’s founder and chairman Gautam Adani said.
One of India’s most powerful big names, Adani was the first to pledge to invest $1 billion in the US and create up to 15,000 jobs following last year’s election as President Donald Trump.
These plans were widely believed to have been forced into long grass just weeks later when Adani and seven others were charged by US authorities with charges relating to the $265 million Indian solar energy bribery scheme.
But one person close to Adani said there was “great relief” within the conglomerate when Trump ordered the suspension of enforcement of foreign corrupt practices laws in the early February.
US authorities have been charged with Gautam Adani and seven others in connection with a suspected bribery scheme for solar energy ©Punit Paranjpe/AFP/Getty Images
As a non-US citizen, Adani was not charged under the law, but supports the indictment against others allegedly involved in the scheme. The Adani Group calls the accusation “baseless.”
“After Trump came in, we reinvigorated some plans,” said another, but added that “the sword of Damocles” was still hanging over the big names and worried about the “indefinite nature of the investigation.”
Another close to Amitis said, “We know what we want to do, but we’ll wait until this is resolved.”
People said Adani Group had previously discussed potential partnerships with US companies, and they had seen petrochemical investments in Texas. The group currently has no major investments or projects in the US.
The US accusations have long-standing ties with Indian Prime Minister Narendra Modi, presenting an unprecedented threat to Adani, where the conglomerates are deeply embedded, in order to develop Indian infrastructure drives and increase their international influence.
“We’ve seen a lot of experience in the South Asian Studies at the Wilson Center in Washington,” said Michael KGelman, director of the Institute of South Asian Studies at Washington’s Wilson Center. “Adani’s outlook – his vast wealth and close ties with the Modi government, the strategic partner of the US, will make buying America a warm welcome by Trump.”
Adani Group did not respond to requests for comment.
Gautam Adani has a long-standing relationship with Indian Prime Minister Narendra Modi.
The group has had vast interest across green energy, coal mining, ports, airports and news media, overcoming allegations of corporate fraud and stock manipulation that were leveled in early 2023 by the New York-based short-seller Hindenburg Survey. The conglomerate and its chairs have repeatedly and violently denied fraud.
The Hindenburg report led the group to establish a US lobbying presence, spending at least $130,000 on these efforts since mid-2023.
Since the accusations against Adani were announced in November, the law firm has Gump Strauss Hauer & Feld, Kirkland & Ellis, Quinn Emanuel Urquhart & Sullivan all acquired Adani Group Companies as clients.
In February, six Republican lawmakers were accused of U.S. Attorney General Pam Bondi, who criticized and criticized the Justice Department for pursuing Adani and his nephew Sagar Adani.
The copy, in a letter obtained from the financial era, lawmakers called the incident a “misplaced crusade” that harmed relations between India and the United States.
“The unnecessary pursuit of those who have contributed hundreds of billions and created thousands of jobs discourage and discourage investors from contributing to our economy,” they write.
The lawmaker also asked Bondi to investigate the DOJ’s actions under former President Joe Biden, saying he would be grateful to share with us all records relating to this incident with him in a coordinated effort to uncover the truth.
Adani Group’s interests include airports, green energy, coal mines, ports and news media ©Sumit Dayal/Bloomberg
There was little public action in the two cases brought by the DOJ and the Securities and Exchange Commission, but market regulators told a New York court in February that they had requested assistance from the Indian government to file a complaint against the two Adanis.
The Indian Prime Minister said during Modi’s recent visit to Washington, which was seen as a widespread focus as being primarily focused on the possibility of undermining Trump’s trade tariffs, the two leaders said they had not discussed the Adani incident.
His close ties with billionaire Modi are politically charged issues in New Delhi and are the focus of criticism by opposition politicians who claim Adani has benefited from the government’s favor, which he denies.
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But Kugelman said there was “just reason” to believe that since Trump took office there had been a high level of political deliberation between the US and India.
“He is a very successful businessman, praised Trump and committed to investing in the US to create new jobs. That gives him the sympathy of the president,” Kugelman said.
However, he added that the Trump administration “appears to play hardball and take advantage of the Adani incident.”
