ADANIENT

The U.S. Justice Department is reportedly close to dropping the criminal fraud and bribery case against Indian billionaire Gautam Adani, while the SEC has also moved toward settling a related civil lawsuit. The allegations were linked to an alleged $265 million bribery scheme tied to Indian solar projects and misleading U.S. investors. Adani and his nephew Sagar Adani agreed to settle the SEC case without admitting wrongdoing, while reports suggest Adani’s proposed $10 billion U.S. investment and job creation plans may have influenced negotiations. The development is seen as a major legal and sentiment boost for the Adani Group and its listed companies