Adani Group Clarifies on Kenyan Project Cancellations Amid Allegations

25 Nov 2024 CW Team

Adani Energy Solutions Ltd. has clarified that Kenya’s cancellation of a $736 million transmission line project does not necessitate regulatory disclosure under Indian stock exchange rules. The company stated this was within its "ordinary course of business" and had no material impact on operations.

This clarification followed a Reuters report that Kenyan President William Ruto had ordered the termination of the 30-year public-private partnership agreement.

Meanwhile, Kenya also scrapped a separate procurement process concerning the management and upgrade of Nairobi's Jomo Kenyatta International Airport. The airport project, valued at approximately $2 billion, included plans for a second runway and terminal enhancements. Adani Energy Solutions denied involvement, stating, “Neither the Company nor its subsidiaries have any contract related to Kenya’s airport.”

Adding to the controversy, U.S. authorities indicted Adani Group founder Gautam Adani and seven others, alleging $265 million in bribes to Indian officials. The group has denied the allegations.

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