Indian billionaire Gautam Adani, one of Asia’s richest men, has been pre-qualified as a bidder for the country's ambitious R440 billion transmission-grid expansion
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Indian billionaire Gautam Adani, a pre-qualified bidder for South Africa’s R440 billion transmission-grid expansion, has reportedly had US fraud charges dropped.
According to reports, this follows Adani hiring a legal team led by Donald Trump’s personal lawyer, Robert Giuffra Jr, who argued that prosecutors lacked evidence and jurisdiction over the case.
Giuffra also reportedly presented a proposal showing that Adani would invest $10 billion in the US economy and create 15,000 jobs if the charges were dropped.
Adani had been facing criminal charges in the United States. He and two executives of a renewable energy company were indicted in New York over allegations of securities fraud and a bribery scheme involving payments to Indian government officials between 2020 and 2024.
IOL previously reported that Adani’s company, Adani Power Ltd's Middle East unit, has been shortlisted alongside several major international players, including China’s State Grid International Development Ltd, China Southern Power Grid International Co, and France’s Electricité de France (EDF), as part of the government’s push to attract private sector investment in upgrading the national transmission infrastructure.
Last year, Minister of Electricity and Energy Kgosientsho Ramokgopa said the government wanted to create a framework that would encourage private sector investment in the transmission network.
“We want to create a dispensation where we are going to accommodate the investments by private sector players on the transmission side,” Ramokgopa said.'
Adani is one of the world's richest men. According to Forbes, he is ranked among the wealthiest individuals globally, with a personal fortune estimated at $71 billion
Adani Power Ltd has also been pursuing opportunities to expand its operations in Africa. Reports indicate that the company is in discussions with the Tanzanian government regarding potential power generation and transmission projects.
mthobisi.nozulela@iol.co.za
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