BUSINESS-ECONOMY
Adani group is under scrutiny after US Authorities filed bribery charges against Gautam Adani, his nephew, and six others. The fallout has been swift, with the group’s market capitalisation suffering a sharp decline. Globally, the repercussions are visible. Kenya has cancelled multimillion-dollar airport expansion and energy deals with the group. Industry experts suggest that addressing reputational risks will be crucial as the group navigates this storm. Adani Group's global footprint includes several high-stakes projects. In Israel, Adani holds a 70 per cent stake in Haifa port, acquired for $1.2 billion, contributing 3 per cent to its annual cargo volume. Meanwhile, in Australia, the Carmichael coal mine faces challenges with its limited 10-million-tonne output and allegations of workplace racism. In Sri Lanka, Adani’s $553 million Colombo port terminal, set to open in 2024, strengthens regional connectivity. However, Bangladesh’s Godda power plant operations are strained, with $800 million in unpaid bills creating financial risks. Adani’s ambitions extend to renewable energy and infrastructure development. The group plans to invest in 10 gigawatts of hydroelectric projects across regions like Nepal, Bhutan, and Kenya, while a $39.5 million partnership in Tanzania modernises East African ports. In Vietnam, Adani has committed $3 billion for airports and renewable energy projects, tapping into Southeast Asia’s growth potential. However, these ventures now face heightened scrutiny amid bribery allegations. Moving forward, financial prudence and strategic partnerships will be critical to sustaining growth while mitigating global risks. (With inputs from agencies) A journalist, writing for the WION Business desk. Bringing you insightful business news with a touch of creativity and simplicity. Find me on Instagram as Zihvee, tr None
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