Adani Energy Solutions stated that the cancellation of a $736 million transmission line project in Kenya has no material impact on its operations and does not require regulatory disclosure under Indian stock exchange rules.
The company clarified after media reported Kenya’s President William Ruto ordered the termination of the 30-year public-private partnership deal. Adani also denied involvement in a separate $2 billion plan to upgrade Kenya’s main airport, saying neither it nor its subsidiaries had signed any related contracts.
Meanwhile, U.S. authorities indicted Adani Group founder Gautam Adani and others over alleged bribery, which the group denies.
