(Reuters) – Adani Energy Solutions said on Saturday that Kenya’s cancellation of a $736 million transmission line project did not require it to make any regulatory disclosure under Indian stock exchange rules as it was within its ordinary course of business. It said it was responding to a request for clarification from the Bombay Stock […]
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Adani Energy Solutions says no material impact from Kenya energy deal cancellation
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(Reuters) – Adani Energy Solutions said on Saturday that Kenya’s cancellation of a $736 million transmission line project did not require it to make any regulatory disclosure under Indian stock exchange rules as it was within its ordinary course of business.
It said it was responding to a request for clarification from the Bombay Stock Exchange and the National Stock Exchange after Reuters reported that Kenya’s president had ordered the cancellation of the 30-year public-private partnership deal.
“Further, the Company hereby submits that there is no material impact of the Media Report on the operations of the Company,” Adani Energy Solutions said in a statement.
President William Ruto also said on Thursday he had ordered the cancellation of a procurement process that had been expected to award control of Kenya’s main airport to India’s Adani Group.
U.S. authorities on Wednesday indicted Adani Group founder Gautam Adani and seven others, alleging they paid $265 million in bribes to Indian officials. The group denied the allegations.
Under the Kenyan international airport plan, worth nearly $2 billion, the Adani Group was to add a second runway and upgrade the passenger terminal in exchange for a 30-year lease.
Adani Energy Solutions said in its statement on Saturday that it was not involved in the deal to manage and upgrade Kenya’s Jomo Kenyatta airport.
“The Company nor any of its subsidiaries have entered into any contract in connection with any airport in Kenya,” it said.
(Reporting by Surbhi Misra in Bengaluru; Editing by Alexander Smith)