The Adani Group revived plans for big investments in the US, according to people who are familiar with this issue, despite the criminal charges there against the founder of the billionaire of the Indian conglomerate.
Business group focused on infrastructure has re -activated potential plans for financing projects in the US sectors, such as nuclear energy and utilities, as well as Luka on the eastern coast, four people close to the founder of the group and the chairman said Gautam Adani.
Adani, one of the most powerful Indian tycoons, first pledged to invest $ 10 billion in the United States, creating up to 15,000 jobs, after Donald Trump’s election last year as president.
It was thought that these plans were thrown out in a long grass only a few weeks later when Adani and seven others were They accuse US authorities According to the tolls associated with the alleged bribing energy scheme in Indian energy of $ 265 million.
But one of the people of close to Adani said there was a “big relief” inside the conglomerate when Trump had earned a stop earlier in February implementation of the Law on Foreign Corruption PracticesThe move that said that the expectations of the expectations that the cases against him would eventually collapse.
Adani as a citizen who has not been charged in the US by law but supports charges against others allegedly involved in the scheme. Adani Group He called the charges “unfounded.”
“Once Trump came in, we activated some plans again,” said another of the people, but added that “Damocles Sword” was still hung over the tycoon and there was a concern for the “vague nature of the investigation.”
Another person close to Adani said: “We know what we want to do but we will wait for this to this [case] resolves. “
Adani Group has previously talked to US companies about potential partnerships and studied petrochemical investments in Texas, people said. The group currently has no larger investment or projects in the US.
The US charges have presented an unprecedented threat to Adani, which is a long-term relationship with Indian Prime Minister Narendra Modi and whose conglomerate is deeply embedded in the Indian urge to develop its infrastructure facility and increase its international influence.
“If the accusations are given up, Adani would probably ask that she would follow her investment plans in America,” said Michael Kugelman, director of the Southern Asia Wilson Center Institute in Washington. “The prospects for Adani – with his enormous wealth and close relationship with the Modi Government, a key American strategic partner – by buying America, Trump would warmly welcome.”
Adani Group did not answer the commentary request.
The group, which has interests throughout green energy, coal excavation, ports, airports and newspaper media, crossed the corporate fraud and manipulation of shares prices that equalized in the beginning of 2023 by the now demolished exploration of the short -based Hindenburg seller with its headquarters in New York. The conglomerate and his chair repeatedly and fiercely denied any injustice.
In Hindenburg reports, the group established a presence in the US and spent at least $ 130,000 from the mid-2023.
Since the accusations against Adani were announced in November, lawyer’s Akin Gump Strauss Hauer & Feld, Kirkland & Ellis and Quinn Emanuel Urquhart & Sullivan were all taken over by Adani Group Company as clients, according to US lobbying.
In February, six Republican Congressmen wrote to the US Attorney General, Pam Bondi, criticizing the search for Adani and his nephew Sagar Adani, who was also charged.
In the letter, whose copy received the Financial Times, the legislators called the case a “wrong crusade” that would hurt relationships in India and the USA.
“Unnecessary pursuits against those who contributed to dozens of billions and created thousands of jobs to distract and discourage investors to contribute to our economy,” they wrote.
Congressia also asked Bondi to explore the behavior of the DOJ under former President Joe Biden and said that “they will appreciate you share with us all the records related to this case, because of the coordinated effort in the discovery of the truth.”
There are few public movements about two cases launched by the Securities and Securities Commission, although the market regulator in February told the New York court that he had asked for the assistance of the Indian government to hand over his appeal against the two Adanis.
During Modi’s recent Visit WashingtonAs widely considered to be focused on the disposal of the potentially harmful Trump trade tariffs, the Indian Prime Minister said the two leaders did not talk about the cases of Adani.
A noticeable billionaire close relationship with Modi remains a politically charged question in New Delhi and the focal point of criticism of opposition politicians who claim that Adani has benefited from the favor of the Government – the accusations he denies.
But Kugelman said that there was a “good reason” to believe that there was a high-level political discussion between the US and India since Trump has taken over his duty, given the importance of the Adani case, and that the personal story of the tycoon could help his thing.
“He is a very successful businessman who praised Trump and committed to invest in the US and create new jobs. That could gain his president’s sympathy, “Kugelman said.
But he added that Trump’s administration could “look to play hard and try to use the Adani case” to improve the goals of American politics.
