Adani Group’s response to the news of $2.5 billion deal, told the real truth

This week was not very good for India’s second richest person Gautam Adani. Adani Group’s shares had fallen badly due to the allegations made by the US Justice Department and the Exchange Commission. However, recovery was also seen in these shares on the second day itself.

Just when the Adani Group was recovering from the US case, the news spread that now Kenya has also withdrawn its $2.5 billion loan from Adani. The deal has been cancelled. However, how much truth is there in this news, Adani Group itself has given the answer.

What did Adani Group say 

Billionaire Gautam Adani’s group In this matter clarified on Saturday that they have not made any deal for the operation of Kenya’s main airport. In fact, after the US indictment, it was reported that Kenya had canceled a deal worth more than $2.5 billion with the Adani Group. Adani Group said last month an agreement was signed to build and operate major power transmission lines in Kenya for 30 years.

However, it also pointed out that the project would be based on Indian securities and It does not come under the disclosure rules of the Exchange Board (SEBI), hence no formal announcement is required on its cancellation.

What was the whole matter

< p>Actually, this issue started when The stock exchanges sought clarification from the group on this matter. Especially when the founder of Adani Group was indicted in America on bribery charges and after this there were reports of Kenyan President William Ruto canceling some procurement processes. It was being said that under this deal, control of Kenya’s most important airport could go to a subsidiary of Adani Group.

No agreement was reached

Adani Enterprises Limited, the flagship company of the Adani Group, which is involved in airport operations, informed the stock market that it has formed a subsidiary to upgrade, modernize and manage airports in Kenya in August this year. established Was. However, the Adani Group clarified in its statement that no definitive agreement has yet been reached with any Kenyan authority for the project.

The group also said that the company is in talks with the relevant authorities. However, neither the group nor any of its subsidiaries is yet involved in any airport project in Kenya. Adani Group said in this regard that they have neither confirmed nor denied the news of Kenya canceling any airport deal.

In fact, Adani Group’s clarification is to maintain that transparency. It is an effort which is important for the company’s image and investor confidence. Adani Group has also said that they follow local and international regulations in their projects and similar policies will be followed in Kenya also.

Also read: Gold Price: Huge jump in gold prices, prices increased by thousands in 7 days, know the rate in your city.