Abu Dhabi's IHC says its outlook on Adani Group investment unchanged

New Delhi, Nov 28 (PTI) Abu Dhabi's International Holding Company (IHC) said its outlook on investments in the Adani Group remains unchanged following the US indictment of the Indian conglomerate's founder chairman Gautam Adani.
    "Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors," IHC, one of Adani group's key foreign investors, said in a statement.
    "As with all our investments, our team continues to evaluate relevant information and developments. At this time, our outlook on these investments remains unchanged."
    IHC had, in April 2022, invested about USD 500 million each in renewables arm Adani Green Energy and power company Adani Transmission, and a further USD 1 billion in the group's flagship Adani Enterprises. Later, it sold its 1.26 per cent stake in AGEL and 1.41 per cent in ATL, now called Adani Energy Solutions Ltd, but hiked its stake in Adani Enterprises Ltd to 5 per cent.
    The IHC statement comes soon after Adani group emphasised that its chairman and his aides have not been charged under the US Foreign Corrupt Practices Act but faced three other charges, including securities and wire fraud that are punishable with monetary fines.
    The US Department of Justice's (US DoJ) indictment filed in a New York Court last week does not mention Gautam Adani, founder chairman of the ports-to-energy conglomerate, his nephew Sagar or Vneet Jaain in any count related to conspiracy to violate the FCPA, AGEL - the firm at the heart of allegation of USD 265 million bribes allegedly being paid to Indian officials to secure solar power sale contracts that could benefit bring in USD 2 billion of profits over 20 year period to the firm - had said in a filing to the stock exchange.
    The three, who are executives at AGEL, have only been charged with securities fraud conspiracy, wire fraud conspiracy, and securities fraud, the company said. In general, the penalties for such charges are less severe than bribery.
    Gautam and Sagar also face a civil complaint over violation of sections of the Securities Act and aiding and abetting Adani Green to violate the Act, the company had said.
    Adani Group last week denied all allegations as baseless and said it would seek legal recourse to defend itself.

(This story has not been edited by THE WEEK and is auto-generated from PTI)