Sagar Adani, executive director of BSE-listed Adani Green Energy and the son of Rajesh Adani, the younger brother of Adani group chairman Gautam Adani, announced a daring plan earlier this week to steer the Adani company in the direction of a more sustainable future. Sagar announced intentions to invest $35 billion over the next five years in large-scale solar, wind, and hybrid energy projects while speaking at a State Bank of India event in Mumbai. The group's larger $100 billion investment plan for the ensuing ten years includes this endeavor.
But a few days later, Sagar was in the middle of a scandal as US authorities accused him of being involved in a bribery plot involving Indian government officials. A representative for the Adani group quickly refuted the accusations, which were made by the US Department of Justice and the US Securities and Exchange Commission. The spokesperson referred to the charges as "baseless" and promised to take all necessary legal action to clear their names.
Gautam Adani, the group's millionaire founder, founded a commodity trading company with his brothers Vinod and Rajesh in 1988, which marked the beginning of the Adani family's ascent to fame. From then, the clan diversified into industries including coal, cement, media, ports, and airports, and eventually accumulated a $125 billion family wealth.
According to a Bloomberg story from August, the roles of the next generation, which includes Sagar, Pranav, son of Vinod Adani, and Karan and Jeet, sons of Gautam Adani, have been clearly defined.
After graduating from Brown University, Sagar joined the Adani Group in 2015 and began his career in the projects division. He now serves as the spokesperson for the company's green energy division and is recognized for having developed Adani Green Energy's wind and solar portfolio. These days, he is in charge of the organization's financial and strategic operations.
Sagar has been a member of the board of the Indian Energy Company since October 2018, which is the source of the charges against him. He allegedly participated in talks on adherence to the Foreign Corrupt Practices Act, which looks into possible illegal payments to public servants, according to US prosecutors. The company's joint book runners for a 2021 144A bond came to the conclusion that there were no anti-bribery risks in spite of these worries.
Reiterating the US Department of Justice's stance, an Adani group statement noted that "the defendants are presumed innocent unless and until proven guilty and the charges in the indictment are allegations."
