TG may review MoUs with Adani

Hyderabad: In the wake of industrialist Gautam Adani’s indictment in the United States in the alleged 265-million-dollar scheme to bribe Indian officials in exchange for favourable terms on solar power contracts by the US Department of Justice and FBI, the Telangana government is likely to reconsider the MoUs and agreements signed with the Adani Group earlier.

Official sources said the statement made by senior Congress leader Rahul Gandhi that the Congress ruled states should probe the agreements entered into by the previous governments is being seriously considered by the Telangana government.

The Revanth Reddy government will have to review the agreements entered with the Adani Group to avoid any legal problems in case the Adani Group management faces action in the coming days. The continuation of agreements with the company in the light of the indictment of the group by the US government, they said.

Sources said the issue may come up for discussion during the ensuing Assembly session to be held in December. The government will now have to decide whether to continue with the agreements in the state or not and the legal implications arising out of it. Top sources said that the government may accept investments from the Adani Group which do not attract legal issues.

The Adani Group has earlier come forward to invest in different sectors which include setting up datacenters, cement plants, aerospace parks, etc. The company entered into an agreement with the government at the World Economic Forum, Davos in January this year. The Adani Group had signed four agreements with the Telangana government for an investment of Rs 12,400 crore in different sectors. These include Rs 5000 crore for setting up two pumped storage projects of 1350 MW capacity.

The Adani Enterprises is also ready to invest over Rs 5000 crore in a 100 MW datacenter to be powered by renewable energy. Ambuja Cements, an arm of Adani Group, will set up a 6 MTPA cement plant at a cost of Rs 1400 crore in 70 acres. The Adani Defence Systems and Technologies will invest over Rs 1000 crore in research, development, design, manufacturing and integration of counter-drone and missile systems at the Adani Aerospace Park.