Lagatar24 Desk
NEW DELHI: The United States Securities and Exchange Commission (SEC) has accused Gautam Adani of meeting then Andhra Pradesh Chief Minister Jagan Mohan Reddy in August 2021, where he allegedly promised a ₹1,750 crore bribe to state officials to facilitate solar power agreements with the Solar Energy Corporation of India (SECI).
SEC’s Allegations Against Adani
The SEC’s court filings allege that during the meeting, Gautam Adani offered “incentives” to secure Andhra Pradesh’s agreement to purchase seven gigawatts of solar power from SECI, the largest such procurement by any Indian state at the time. SECI had awarded tenders to the Adani Group and Azure Power in 2020 for 12 gigawatts of solar electricity. However, the agency faced challenges in finding buyers due to high prices.
Investigators claim that Adani and Azure conspired to offer bribes to officials in multiple states. Between 2021 and 2023, the Adani Group allegedly paid USD 265 million in bribes to secure contracts with state electricity distribution companies.
State Reactions: YSRCP Denies Allegations
Jagan Reddy’s YSR Congress Party (YSRCP) denied the allegations, emphasizing that the agreement signed in 2021 was between SECI and Andhra Pradesh Discoms, with no direct involvement from the state government.
•YSRCP stated that the Andhra Pradesh Electricity Regulatory Commission approved the power procurement in November 2021, and the agreement was signed with SECI in December 2021.
•The party defended the deal, stating it was “extremely favourable” to the state, with solar power priced at ₹2.49 per kWh for 25 years, projected to save the state ₹3,700 crore annually.
In a post on X, YSRCP said the project was also approved by the Central Electricity Regulatory Commission (CERC) and benefitted Andhra Pradesh significantly.
TDP’s Silence
The Telugu Desam Party (TDP) has yet to comment on the allegations. Party spokesperson Kommareddy Pattabhiram said, “We need to study the report before coming to a conclusion. It would take two to three days.”
Adani Group’s Response
The Adani Group has called the allegations baseless and stated that it would pursue legal action to counter the claims.
Implications of the Allegations
The SEC’s filing has drawn attention to alleged systemic corruption in securing renewable energy contracts, potentially implicating multiple states, including Andhra Pradesh, Chhattisgarh, Tamil Nadu, Odisha, and Jammu and Kashmir.
