Israel backs India's Adani after US bribery allegations, Israeli envoy says
Adds quote, details, background, paragraphs 3-6
By Rishika Sadam
HYDERABAD, India, Nov 28 (Reuters) -Israel wants India's Adani Group to continue to invest in the country, Israel's envoy to India said on Thursday, affirming the nation's support for the ports-to-media conglomerate whose billionaire founder is facing bribery allegations in the United States.
"We wish Adani and all Indian companies continue to invest in Israel," Ambassador Reuven Azar said in an interview with Reuters, adding that allegations by U.S. authorities were "not something that's problematic" from Israel's point of view.
The Adani Group holds a 70% stake in Haifa port in northern Israel and is involved in multiple other projects with firms in the country, including to produce military drones and plans for the manufacture of commercial semiconductors.
U.S. authorities last week accused Gautam Adani, his nephew, and Adani Green's ADNA.NS managing director of being part of a scheme to pay bribes of $265 million to secure Indian power supply contracts and misleading U.S. investors during fund raising efforts there.
Adani Group has denied all the accusations, calling them "baseless".
Still, shares and bonds of Adani companies were hammered last week and some partners began to review joint projects.
"I am sure Adani Group will resolve its problems," Azar said on the sidelines of an event in the southern city of Hyderabad.
Reporting by Rishika Sadam; Writing by Shivam Patel; Editing by Jacqueline Wong, Kirsten Donovan
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
