Israel backs Adani Group despite US bribery accusations

Israel reaffirmed its support for the Adani Group, encouraging the Indian conglomerate to maintain its investments in the country despite recent bribery allegations raised by US authorities.

Ambassador Reuven Azar expressed confidence in the continued partnership, stating in an interview with Reuters on Thursday, “We wish Adani and all Indian companies continue to invest in Israel,” He added that the US allegations were “not something that’s problematic” from Israel’s perspective.

The Adani Group holds a major 70 per cent stake in Haifa Port in northern Israel and is involved in several key projects, including the production of military drones and potential plans to manufacture commercial semiconductors.

The US recently accused Gautam Adani, his nephew, and the managing director of Adani Green of participating in a $265 million bribery scheme to secure Indian power contracts and deceive US investors during fundraising. The Adani Group strongly denied the allegations, calling them “baseless.” Despite this, shares and bonds of Adani companies fell sharply last week, prompting some partners to reconsider their involvement in joint ventures.

Attribution: Reuters

Subediting: Y.Yasser