Adani Group Under Fire: Allegations of Bribery and Fraud
Adani Group’s solar energy projects in Vietnam
The U.S. Attorney’s Office in New York filed charges on November 20 against Gautam Adani and his nephews, Sagar Adani and Vneet Jaain, executives at Adani Green Energy, accusing them of paying over $250 million in bribes to Indian officials between 2020 and 2024. The bribes were allegedly made in exchange for contracts in solar energy, expected to yield $2 billion in profits.
5 others are also accused, including two energy company executives and three employees of a Canadian investment firm.
During the same period, Adani Green Energy is alleged to have raised over $3 billion through loans and bonds by making false and misleading statements. U.S. authorities claim that the “corruption and fraud” of the accused harmed American investors and violated the Foreign Corrupt Practices Act.
The Rise of Gautam Adani and Adani Group
Born into a poor family with 7 siblings, Gautam Adani dropped out of Gujarat University in the early 1980s and moved to Mumbai to work as a diamond sorter. Two years later, at the age of 21, he founded a diamond brokerage firm called Zaveri Bazzar in Mumbai’s bustling jewelry center.
In 1988, he established Adani Exports Limited, the predecessor of Adani Group, which focused on agricultural and energy commodities. Over 34 years, Gautam transformed Adani Group into a multi-industry empire, spanning power generation, coal mining, gas and oil distribution, real estate, ports, and airports. Recently, he ventured into “green” energy, airports, data centers, and cement. The billionaire pledged to invest $70 billion by 2030 to make his group the world’s largest renewable energy producer.
The Indian entrepreneur is currently ranked 27th on Forbes’ list of the world’s richest billionaires, with an estimated net worth of $56.7 billion.
Adani Group’s Presence in Vietnam
Adani Group, led by Gautam Adani, is India’s largest infrastructure and energy conglomerate. It owns 14 of India’s largest private ports, accounting for 25% of the country’s port capacity, and 7 of its airports.
In 2023, the group’s revenue reached approximately $33 billion, with profits of about $2.9 billion and a global workforce of 29,000 employees. As of late 2023, Mr. Gautum Adani was the 15th richest person in the world, with a net worth of $82.5 billion, making him the second wealthiest person in India and Asia.
Adani Group is no stranger to the business community in Vietnam. The group is currently the investor in two energy projects: Adani Phuoc Minh Solar Power Project and Phuoc Minh Wind Power Project.
The Adani Phuoc Minh Solar Power Project is operated and managed by Adani Group through its subsidiary, Adani Phuoc Minh Solar Power Company Limited.
This project has a total capacity of 50MWp, covering an area of 59.86 hectares, with a total investment of 1,300 billion VND ($55 million) and is located in Ninh Thuan province.
The Phuoc Minh Wind Power Project is a collaboration between Adani Group and TSV Investment, a domestic company.
The wind farm has a capacity of 27.3 MW and is located in Phuoc Minh commune, Thuan Nam district, Ninh Thuan province. However, this project is likely just a part of Adani Group’s larger plan to develop the Adani Phuoc Minh 1 and 2 solar power farms with a total capacity of 150MW in Vietnam.
Phuoc Minh Wind Power Project, Ninh Thuan province, Vietnam
In late July 2024, Guatam Adani announced that Adani Group is proposing to invest over $2 billion in the Lien Chieu Port in Da Nang, Vietnam, aiming to create a comprehensive logistics ecosystem in the city. The group also expressed interest in energy investment in Binh Thuan province, particularly the Vinh Tan 3 Thermal Power Project, with a planned investment of $2.8 billion.
Additionally, Adani Group plans to strengthen cooperation with Vietnamese partners in aviation and logistics, including the construction of Long Thanh International Airport Phase 2 and Chu Lai Airport. The group intends to invest approximately $10 billion across various sectors in Vietnam.
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