Sovereign funds and countries, where the Adani group is executing projects, are backing the beleaguered conglomerate providing relief to billionaire Gautam Adani, who has found himself in the middle of another crisis after US authorities indicted him and others for being part of a scheme to pay bribes to secure solar power contracts in India.
Abu Dhabi’s sovereign fund International Holding Company (IHC) said its outlook on investments in the Adani group remained unchanged. It said its partnership with the group reflected its confidence in their green energy and sustainability sectors. IHC held 3.5 per cent stake in Adani Enterprises as at the end of September.
According to reports, the Sri Lanka Ports Authority also expressed its support to the Adani group, which is building a container terminal in the country with US financial support and has around $1 billion investment commitments in the island country.
Tanzania, which has a 30-year port concession agreement with Adani Ports, also extended its support to the agreement and said it had no concerns about the ongoing projects, according to reports.
Meanwhile, Reuters reported that in an interview with the wire agency Israel’s ambassador to India said the country wanted the Adani group to continue to invest in the country. The Adani group has a 70 per cent stake in Israel’s Haifa Port and other projects in the country in the defence and semiconductor segments.
”We wish Adani, and all Indian companies continue to invest in Israel,” Reuters quoted Ambassador Reuven Azar as saying and that the US allegations were not something that were a problem.
The support comes after the Adani group said that the US indictment did not actually charge Gautam Adani, his nephew Sagar Adani and Vneet Jaain with bribery charges and obstruction of justice.