A US court’s allegations of bribery in solar power contracts and US markets watchdog SEC’s charges of concealing wrongdoings have jolted Gautam Adani’s business empire. Even as he mounts a strong defence against the indictment, the group faces a crisis of investor confidence that may impact its growth plans
ISSUE DATE: Dec 9, 2024 | UPDATED: Nov 30, 2024 11:03 IST
Gautam Adani’s biographer calls him ‘destiny’s child’. The 62-year-old chairman of the Ahmedabad-based $30 billion (Rs 2.5 lakh crore) Adani Group has escaped accidents, a kidnapping bid at gunpoint in 1998 and the November 2008 terrorist attack on the Taj Mahal hotel in Mumbai. He also overcame accusations from the US shortseller Hindenburg in January 2023 that the group companies inflated share prices through shell firms and round-tripping funds to India.