BAJAJ BROKING
Kenya cancels a $700 mn deal with Adani Group for power transmission lines and halts an airport expansion proposal. Adani Group share price is likely to react to this development.
Kenyan President William Ruto announced the cancellation of a $700 million deal with a unit of the Adani Group to construct power transmission lines. This decision follows concerns raised by investigative agencies and international partners about the procurement process. Additionally, the Kenyan government scrapped Adani's proposal for an airport expansion project. These cancellations come amidst allegations involving Adani executives in a $265 million bribery scheme to boost their solar energy business.
Deal Cancelled: $700 million power transmission line project with Adani Group.
Reason for Cancellation: Concerns raised by investigative agencies and partner nations.
Other Project Halted: Airport expansion proposal involving Adani Group.
Context: U.S. prosecutors indicted Adani executives for bribery allegations in a separate matter.
Also read: Afcons Wins ₹1,274 Cr Song Dam Project in Uttarakhand
The $700 million agreement between Kenya’s energy ministry and Adani Group aimed to enhance power transmission infrastructure across the country. The cancellation reflects Kenya’s decision to scrutinise procurement practices closely, as the announcement coincided with corruption allegations against Adani executives.
In addition, the proposal to expand Kenya’s primary airport, involving Adani, has also been terminated. President Ruto emphasised the importance of transparency and accountability in these processes.
The recent developments are likely to keep the Adani Group share price under scrutiny. Allegations of bribery and subsequent project cancellations could impact investor sentiment and the group’s reputation.
Project | Status | Value | Remarks |
Power Transmission Lines | Cancelled | $700 million | Concerns raised by agencies |
Airport Expansion | Cancelled | Undisclosed | Transparency concerns cited |
Also read: SJVN and Rajasthan Government Partner to Boost Renewable Energy
Kenya’s decision to cancel high-value agreements with Adani Group highlights the impact of transparency concerns on international partnerships. As these developments unfold, the Adani Group share price is expected to remain in focus, reflecting market reactions to the company’s ongoing challenges.
Also read: Wipro Sets 3 December as Record Date for 1:1 Bonus Share Issue
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For All Disclaimers Click Here: https://bit.ly/3Tcsfuc
Share this article:
Disclaimer :
The information on this website is provided on "AS IS" basis. Bajaj Broking (BFSL) does not warrant the accuracy of the information given herein, either expressly or impliedly, for any particular purpose and expressly disclaims any warranties of merchantability or suitability for any particular purpose. While BFSL strives to ensure accuracy, it does not guarantee the completeness, reliability, or timeliness of the information. Users are advised to independently verify details and stay updated with any changes.
The information provided on this website is for general informational purposes only and is subject to change without prior notice. BFSL shall not be responsible for any consequences arising from reliance on the information provided herein and shall not be held responsible for all or any actions that may subsequently result in any loss, damage and or liability. Interest rates, fees, and charges etc., are revised from time to time, for the latest details please refer to our Pricing page.
Neither the information, nor any opinion contained in this website constitutes a solicitation or offer by BFSL or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service.
BFSL is acting as distributor for non-broking products/ services such as IPO, Mutual Fund, Insurance, PMS, and NPS. These are not Exchange Traded Products. For more details on risk factors, terms and conditions please read the sales brochure carefully before investing.
Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For more disclaimer, check here : https://www.bajajbroking.in/disclaimer
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading