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- Adani Power Contract Andhra CM Naidu Says Action Only After Investigation. All Details
Hyderabad4 minutes ago
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Andhra Pradesh Chief Minister N Chandrababu Naidu has said on the allegations against Adani Power in America that any action can be taken against the company only after concrete evidence is found.
Speaking to the media at TDP headquarters in Mangalagiri on Wednesday, Naidu said, ‘Solar Energy Corporation of India’s agreement to purchase power from Adani Group is beneficial for the state government and any action on bribery allegations will be taken after a thorough investigation of the records. It will be done only later.
Earlier, CM Vijayawada had said that the state government cannot cancel the contracts unless there is sufficient evidence of irregularities. He said, ‘If we cancel the contract, we will have to pay a heavy fine. Unless there is clear evidence, we cannot take action.
Tamil Nadu government cancels smart meter tender from Adani Energy
Earlier on December 27, Tamil Nadu Power Distribution Corporation had canceled the tender issued for purchasing smart meters from Adani Energy Solutions Limited (AESL). Tamil Nadu government accused Adani’s company of charging expensive charges.
Under the Revamped Distribution Sector Scheme of the Central Government, tender in four packages was issued in August 2023 for installation of smart meters. The state government has canceled all four.
News agency PTI quoted sources as saying that a BSE-listed firm had made the lowest bid for Package-1 of the tender covering eight districts including Chennai and which included installation of more than 82 lakh meters.
The company has been accused of fraud in America
In America, 8 people including industrialist Gautam Adani were accused of fraud worth billions of rupees. The United States Attorney’s Office says that Adani paid or was planning to pay bribes of $ 265 million (about Rs 2200 crore) to Indian officials to get contracts related to solar energy in India.
This entire matter is related to Adani Group company Adani Green Energy Limited and another firm. This case was registered in the Federal Court of New York on 24 October 2024. In its hearing, Gautam Adani, his nephew Sagar Adani, Vineet S Jain, Ranjit Gupta, Cyril Cabenis, Saurabh Aggarwal, Deepak Malhotra and Rupesh Aggarwal were made accused.
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Gautam Adani accused of fraud in New York: Claim- Offered bribe of ₹ 2200 crore for solar energy contract, net worth reduced by ₹ 1.02 lakh crore
In America, 8 people including industrialist Gautam Adani have been accused of fraud worth billions of rupees. The United States Attorney’s Office says that Adani paid or was planning to pay bribes of $ 265 million (about Rs 2200 crore) to Indian officials to get contracts related to solar energy in India.
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Adani Power’s profit down 50% in Q2: Rs 3,298 crore, revenue up 3% at Rs 13,339 crore; Shares rose 66% in one year
Adani Power, a thermal power producing company of Adani Group, has made a net profit (consolidated net profit) of Rs 3,298 crore in the second quarter of the financial year 2024-25. It has decreased by 50% on annual basis. The company had made a profit of Rs 6,594 crore in the same quarter a year ago.
Talking about operational revenue, it stood at Rs 13,339 crore in the July-September quarter. There has been an increase of 3% on annual basis. In the second quarter of the financial year 2023-24, the company had generated a revenue of Rs 12,991 crore. Income earned from selling goods and services is called revenue.
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