Telangana CM Declines ₹100 Cr Donation from Adani, Cites Image Concerns

Telangana CM Declines Adani Group’s ₹100 Crore Contribution

Telangana Chief Minister Revanth Reddy has announced that the state government will not accept a ₹100 crore donation from the Adani Group. The donation, intended for the Young India Skill University, was declined over concerns about its potential impact on the government’s image.

CM Revanth Reddy’s Justification

During a press conference, CM Reddy explained that ongoing controversies surrounding the Adani Group led to this decision. He stated that the state government wrote to Adani Group, requesting them not to proceed with the ₹100 crore transfer. He emphasized that the government has not accepted funds from any organization into its accounts for this university project.

Letter Sent to Adani Group

Jayesh Ranjan, Special Chief Secretary of Telangana, sent the formal communication to the Adani Group, clarifying the state’s stance on this matter.

Allegations Against Adani Group: Bribery and Fraud

$265 Million Bribery Allegations

The Adani Group faces accusations of paying a $265 million (₹2,200 crore) bribe to secure solar energy contracts in India. A federal court in New York has named Gautam Adani and several associates, including his nephew, in a multi-billion-dollar fraud case. The allegations suggest that funds from American investors and banks were misused as bribes, violating U.S. laws.

Group’s Response

The Adani Group has denied all allegations, terming them baseless. They assert that the claims are unfounded and have clarified that the Department of Justice has only raised accusations without substantiating evidence.

Rahul Gandhi Criticizes PM Modi

Congress leader Rahul Gandhi accused PM Modi of shielding Gautam Adani, calling out alleged corruption within the group. BJP spokesperson Sambit Patra responded by defending the PM and criticizing Rahul Gandhi’s past allegations.

Adani’s Net Worth Takes a Hit

Following these accusations, Gautam Adani’s net worth dropped by ₹1.02 lakh crore in a single day, with most of the group’s stocks suffering significant losses. Adani Enterprises alone witnessed a 23.44% decline, highlighting the financial impact of the controversies.