Nov 26, (V7N) - The Andhra Pradesh state government is scrutinizing files related to a power supply contract linked to the Adani Group after U.S. authorities indicted Gautam Adani and seven others for allegedly paying $265 million in bribes to Indian officials. These bribes reportedly facilitated securing solar power-supply contracts in multiple states, including Andhra Pradesh, between 2021 and 2022.

According to the indictment, $228 million of the alleged bribes targeted officials to persuade Andhra Pradesh's state electricity distribution companies to sign a contract to purchase approximately seven gigawatts of solar power, the largest amount in any Indian state. The current government is investigating these allegations and considering the potential cancellation of the contract, according to Finance Minister Payyavula Keshav.

The Adani Group has denied the accusations, calling them baseless. Meanwhile, the former ruling party, YSR Congress, has also denied any wrongdoing. The controversy has impacted Adani Group's shares and bonds, while major investor TotalEnergies has paused further investments in the conglomerate.

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