Is Adani Group Back With Its Plan To Make Investments In US After Trump’s Pause On Foreign Corrupt Practices Act?

Mumbai: The Adani Group, which was indicted in a bribery case, has revived its plan of making major investments for infrastructure in the US, reports claimed. This comes after the Donald Trump administration ordered a pause of enforcement of the Foreign Corrupt Practices Act.

The Gautam Adani-led conglomerate is relooking into its potential plans to fund projects in several US sectors despite criminal charges against the billionaire and his officials for bribery, reported the Financial Times, citing four sources.

The Adani Group could invest projects in sectors such as nuclear power and utilities, as well as an East Coast port, the report claimed.

Gautam Adani had pledged to invest $10 billion in the US, which would create up to 15,000 jobs, after Trump was elected as the President. But there was uncertainty about these plans when Adani and seven others were indicted by US authorities under Joe Biden’s administration.

Trump’s February order to halt the corrupt practices Act has come as a “big relief” within the conglomerate, a source close to Adani reportedly revealed to the newspaper. They believe that the move would eventually quash the cases against them, Financial Times reported.

Gautam Adani, his nephew Sagar Adani and other top officials of the company were indicted by the US Department of Justice for his role in an alleged years-long scheme to pay USD 250 million bribes to Indian officials to secure solar power contracts. It has been alleged that they kept this hidden from US investors. The Adani Group had declined such allegations.