LIVE | Adani offered ex-Andhra CM Jagan $200 billion bribe: US panel

The YSRCP on Thursday said its government had no direct agreement with Adani Group and the power sale pact signed in 2021 was between the Solar Energy Corporation of India Ltd (SECI) and AP Discoms.

Jagan Mohan-led party's reaction came in response to Adani Group getting indicted by the US Department of Justice for allegedly paying bribes for solar power contracts in Andhra Pradesh during YSRCP rule.

In a statement, the party said the power procurement of 7,000 MW was approved by AP Electricity Regulatory Commission in November, 2021 after which the Power Sale Agreement (PSA) was signed on December 1, 2021 between SECI and AP Discoms.

"It is necessary to mention that SECI is a Government of India enterprise. There is no direct agreement between AP DISCOMs and any other entities including those belonging to the Adani group. Therefore, the allegations made on the state government in the light of the indictment are incorrect," the YSRCP said.

The PPA with SECI was also approved by the Central Electricity Regulatory Commission, it said.

The previous Andhra Pradesh government entered into an arrangement to procure power from SECI to the tune of 7,000 MW at Rs 2.49 per kWh for 25 year period with 3,000 MW commencing in FY 2024-25, 3,000 MW commencing in FY 2025-26 and 1,000 MW commencing in FY 2026-27 with waiver of the ISTS ( Inter State Transmission System) charges, the party said in a statement.

The Left parties and the TMC on Thursday demanded an investigation into the allegations of bribery and fraud against Gautam Adani made by US prosecutors.

In a statement, the CPI(M) said the Narendra Modi government "cannot hide behind a smokescreen anymore", and demanded a CBI probe into the charges.

"It is shameful that such large-scale bribery and suborning of government officials by the Adanis had to be exposed not in India but in the United States through their criminal justice system," the CPI(M) said.

"Gautam Adani and his business empire have had the full protection of the Modi government to execute his unlawful and criminal activities. Prime Minister Modi himself had shielded Adani from any enquiry or prosecution on the charges emanating from the Hindenburg expose," it said.

The CPI(M) said a full-fledged investigation by an independent agency is required "to unearth all other wrongdoings by the Adani group of companies".

CPI General Secretary D Raja said the indictment calls into question not just the personal integrity of Adani and his business empire, but also the integrity of Indian watchdogs and administration, under which "such unethical practices are flourishing".

"This indictment follows the 2023 Hindenburg Research revelations which exposed a series of financial irregularities, including stock manipulation and undisclosed liabilities, that inflated the value of Adani Group companies," Raja said in a post on X.

"The lack of transparency and delays in addressing these issues have only fuelled suspicions of complicity and preferential treatment within the regulatory mechanisms. The perception of a compromised investigation has set among the people," he said.

From favourable policies to high-profile infrastructure deals, there is widespread public perception of the complicity of Prime Minister Narendra Modi, he said.

"Repeated calls for investigation to ensure that all allegations -- whether linked to bribery, stock manipulation, or regulatory failures -- have fell to the deaf ears of the Modi Government. Only through a fair, unbiased probe can the truth be uncovered," he said.

"In this context, the CPI demands that a joint parliamentary committee be formed to look into the growth, business malpractices and controversies surrounding the Adani Group and their bonhomie with Narendra Modi and the BJP.

"In the absence of a thorough and impartial probe, it will be considered well-established that the Modi government is indeed serving the interests of Adani at the cost of the people," he added.

Meanwhile, Trinamool Congress MP Saket Gokhale raised questions on the Modi government's role.

"Markets are reacting but the government is completely silent. Charges are of bribing a govt-owned PSU. How much is Modi and BJP's involvement?" Gokhale said.

Adani group stocks faced heavy drubbing during the morning trade on Thursday, with the combined market valuation of all the listed firms getting eroded by Rs 2.45 lakh crore.

In another post, the Rajya Sabha MP said the key point in the indictment is that bribes were allegedly paid to PSUs and government companies.

"This is deeply rotten... With Indian agencies being compromised and acting as wings of the BJP, only an independent judicial probe will expose the truth," he said.

TMC MP Sagarika Ghose also said a free and fair probe was required.

"The allegation by the United States against the Adani Group and Gautam Adani is extremely serious. Gautam Adani is an industrialist who is known to have very close ties with none other than Prime Minister Narendra Modi," Ghose said.

"We the opposition have been consistently demanding a free and fair investigation into all the charges that exist against the Adani Group. All the charges must be subject to a free and fair inquiry," she said.

The only entity which can conduct this free and fair inquiry is a Joint Parliamentary Committee. We demand a JPC for a comprehensive, free and fair investigation into all the charges against the Adani Group, she said.

SECI, the nodal agency for implementation of renewable projects in India, has not been mentioned for any wrongdoing in the Adani case, its CMD R P Gupta said on Thursday.

Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of a scheme to pay USD 265 million (about Rs 2,200 crore) bribe to Indian officials in exchange of favourable terms for solar power contracts.

"There is nothing against SECI that SECI has done anything wrong. That is no where. There is no mention of any wrongdoing or irregularity on part of SECI," he said while responding to PTI queries on developments related to the Adani case.

According to US prosecutors' document, Solar Energy Corporation of India Ltd (SECI), which originally awarded the solar manufacturing-linked power tender, entered into the sale agreements with Andhra Pradesh, Odisha, Chhattisgarh, and Tamil Nadu between July 2021 and December 2021.

Kenyan President William Ruto says the country has scrapped controversial deals with Adani Group over Nairobi's Jomo Kenyatta International Airport and a state-owned electricity firm.

In his state of the nation address, Ruto said, "I have directed agencies within the ministry of transport and within the ministry of energy and petroleum to immediately cancel the ongoing procurement."

The decision was taken after "new information provided by investigative agencies and partner nations", he added.

Adani Group was to build a second runway at the Nairobi airport and also upgrade the passenger terminal.

In October, Adani Energy Solutions signed a 30-year, $736 million public-private partnership deal with the Kenyan energy ministry to construct power transmission lines in a separate project.

The combined market valuation of all ten listed Adani group firms fell sharply by Rs 2.19 lakh crore on Thursday, more than double of what the conglomerate had lost when the US short seller Hindenburg brought out a damning report in January 2023.

The stock of the group's flagship firm, Adani Enterprises, plunged 22.61 per cent, Adani Energy Solutions tanked 20 per cent, Adani Green Energy plummeted 18.80 per cent, Adani Ports dived 13.53 per cent, Ambuja Cements cracked 11.98 per cent, and Adani Total Gas tumbled 10.40 per cent on the BSE.

Shares of Adani Wilmar declined 9.98 per cent, Adani Power slumped 9.15 per cent, ACC fell 7.29 per cent, and NDTV dipped 0.06 per cent.

Some of the group firms also hit their lowest trading permissible limit for the day during the day.

The combined market capitalisation (mcap) of all ten listed group firms eroded by Rs 2,19,878.35 crore.

The Adani group tried to enter Delhi's power sector but was stopped by then chief minister Arvind Kejriwal, AAP Rajya Sabha MP Sanjay Singh claimed Thursday and stressed the need for accountability after industrialist Gautam Adani was charged in the US for alleged bribery and fraud.

In a press conference in New Delhi, Singh claimed that Adani Green Energy secured power supply contracts in several states, including Gujarat, Madhya Pradesh, Andhra Pradesh and Rajasthan, through unethical means.

"Adani even attempted to enter Delhi's electricity market but failed because then chief minister Arvind Kejriwal stopped them,” he said while warning people that if the BJP gains power in Delhi, electricity costs could surge.

"We will not keep quiet and will raise this matter with full force in the upcoming session of Parliament," Singh added.