Moody’s to assess Adani Group governance amid bribery allegations

NEW DELHI: Moody’s ratings Thursday announced Thursday that it will evaluate the Adani grouphis governance standards while determining the conglomerate’s ability to raise capital, later bribery charges against its president Gautam Adani.
“The indictment of the Adani Group chairman and other senior officials on bribery charges is a credit negative for the group companies,” Moody’s Ratings said.
US prosecutors have accused billionaire Gautam Adani of participating in an alleged scheme involving $250 million (about Rs 2,100 crore) in bribes to Indian officials to secure favorable terms for a solar power contract.
“Our primary focus when rating the Adani Group is on the group companies’ ability to access capital to meet their liquidity requirements and on its governance practices,” Moody’s added.