Israel expresses support for Adani Group amid US indictments over bribery allegations

Reuven Azar, Israel’s envoy to India, said he was hopeful about the conglomerate’s continued engagement in Israel, Reuters reported on Thursday.

“We wish Adani and all Indian companies continue to invest in Israel,” Azar stated in an interview, emphasizing that the allegations made by U.S. authorities were “not something that’s problematic” from Israel’s perspective.

The Adani Group, which owns a 70% stake in Haifa port in northern Israel, is also involved in projects such as military drone production and plans to manufacture commercial semiconductors.

Abu Dhabi’s International Holding Company (IHC), a major investor in Adani, has also reiterated its trust in the group despite the recent controversies.

Managing assets valued at nearly $100 billion, IHC emphasized its robust partnership with Adani.

“Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors,” IHC said in a statment.

IHC invested $500 million each in Adani Green Energy and Adani Transmission in 2022 and added $1 billion to Adani Enterprises. After portfolio restructuring, IHC retains a stake of over 5% in Adani Enterprises.

Similarly, the Sri Lanka Ports Authority has expressed confidence in Adani’s involvement in enhancing the country’s port infrastructure.

The group’s $1 billion investment in the Colombo port terminal is the largest foreign direct investment in Sri Lanka’s port sector. A

Admiral Sirimewan Ranasinghe, chairman of the authority, confirmed the terminal would become operational soon, with no plans for cancellation.

The Adani Group has dismissed the allegations in a U.S. Department of Justice (DoJ) indictment as baseless and vowed to take legal action.

While the indictment, filed in a New York court, alleges $265 million in bribes to secure solar power contracts, it does not name Gautam Adani or senior executives.

The charges are related to securities fraud and wire fraud conspiracy, which typically carry lighter penalties than bribery.

Adani Green Energy Limited (AGEL), the group company implicated in the allegations, stated in a regulatory filing that the charges lack merit and pledged to defend its interests in court.