Two whistleblower complaints lodged at Azure Power Global in May and September 2022 triggered a two-year U.S. investigation, culminating in the indictment of Gautam Adani and seven others in a $250 million bribery scheme.
The allegations, involving improper payments to Indian government officials, have rattled markets and raised serious questions about corporate governance at the Indian conglomerate.
Azure Power, a New York Stock Exchange (NYSE)-listed firm until its delisting in November 2023, is directly tied to the allegations. While Azure primarily operated through its Indian subsidiary, its activities intersected with the Adani Group. Both companies are accused of colluding to pressure Indian state officials into approving lucrative solar energy contracts.
The bribery scheme allegedly involved Azure Power owing specific amounts to Adani Green as its share of the bribes: Rs 55 crore for 650 MW Power Purchase Agreements (PPAs) and Rs 583 crore for 2.3 GW PPAs. The scheme, valued at approximately $265 million (Rs 2,029 crore), included a Rs 1,750 crore bribe to Andhra Pradesh officials.
Instead of direct payments, Azure reportedly repaid its share by transferring the 2.3 GW PPAs to Adani Green and continuing to develop the 650 MW PPAs. These repayments it is claimed were disguised as "development fees" or project transfers to mask the transactions.
Azure Power first disclosed the whistleblower complaints in January 2023, despite receiving them in May and September 2022,...
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