This development assumes importance in light of ongoing criminal allegations against the Indian conglomerate’s wealthy founder. The business group, which specializes in infrastructure, has resumed its interest in financing projects across various sectors in the US, including nuclear energy, utilities, and a port on the east coast, according to four individuals connected to Gautam Adani, the group’s founder and chairman, the FT report said.
Following Donald Trump’s election as president last year, Adani, who ranks among India’s most influential industrialists, initially committed to investing $10 billion in the United States, a move that was expected to generate approximately 15,000 jobs. However, those intentions appeared to be sidelined shortly thereafter when Adani and seven others faced indictments from US authorities for their involvement in an alleged $265 million bribery scheme related to solar energy in India.
Nonetheless, a source linked to Adani told the FT that there was a sense of “big relief” within the conglomerate after Trump, in early February, called for a suspension of the enforcement of the Foreign Corrupt Practices Act, which raised hopes that the legal challenges against him might ultimately fail. Although Adani, as a non-US citizen, was not directly charged under the act, it serves as the foundation for the indictments against others allegedly implicated in the scheme. The Adani Group has labeled the allegations as “baseless.”
Another insider was quoted as saying, “With Trump’s arrival, we have reactivated some plans,” but acknowledged that a “Damocles sword” still looms over the billionaire, along with concerns regarding the “indefinite nature of the investigation.”
Another associate of Adani told the newspaper, “We are clear about our intentions, but we will hold off until this matter is resolved.” Previously, the Adani Group had been in discussions with US firms regarding potential collaborations and had explored opportunities for petrochemical investments in Texas, according to the sources. Currently, the group lacks any significant investments or projects in the United States.The legal charges pose an unprecedented risk to Adani, whose conglomerate plays a crucial role in India’s infrastructure development and its efforts to enhance its global standing. “Should the charges be dismissed, Adani is likely to pursue his investment objectives in America,” FT quoted Michael Kugelman, director of the South Asia Institute at the Wilson Center in Washington, as saying.
“The idea of Adani—given his considerable wealth and his strong ties to the Modi administration, a critical US ally—investing in America would likely be well-received by Trump.”
The Adani Group did not provide a response to a request for comment, the FT said.
