In response to allegations that Kenya had canceled over USD 2.5 billion in deals following a US indictment on bribery charges, billionaire Gautam Adani’s business emphasized on Saturday that it had not signed a legally binding contract to run Kenya’s main airport. of the agreement it had made last month to construct and run important power transmission lines in Kenya for 30 years, the group claimed that the project did not qualify for any disclosure of its cancellation since it did not fall under Sebi’s disclosure guidelines.
Following the indictment of the conglomerate’s founder in the United States, the corporation was reacting to notices from stock exchanges to verify rumors that Kenyan President William Ruto had ordered the termination of a procurement process that was supposed to award control of the nation’s principal airport.
The headquarters of the billionaire Gautam Adani group, Adani Enterprises Ltd., is where the company’s airport operations are located. “While the company was in discussion with the relevant authority for the said project, till date neither the company nor its subsidiaries
(i) have been awarded any airport project in Kenya, or
(ii) entered into any binding or definitive agreement in connection with any airport in Kenya,” the company stated.
It made no attempt to verify or refute rumors that Kenya had canceled the airport.
After the founder of the company was indicted in the United States, the organization was reacting to notices received by stock exchanges to verify rumors that Kenyan President William Ruto had ordered the termination of a procurement process that was supposed to award control of the nation’s principal airport.
The airport division of billionaire Gautam Adani’s conglomerate is housed at Adani Enterprises Ltd.
“While the company was in discussion with the relevant authority for the said project, till date neither the company nor its subsidiaries (i) have been awarded any airport project in Kenya, or (ii) entered into any binding or definitive agreement in connection with any airport in Kenya,” according to the company.
In a separate filing, power transmission line operator Adani Energy Solutions Ltd. stated that it was given the contract to build transmission lines in Kenya on October 9. It then established a step-down subsidiary in Kenya.
“We submit that the project does not fall within the ambit of item 4 of Para B, Part A, Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (Sebi Listing Regulations) which requires intimation to be made for any awarding, bagging/ receiving, amendment or termination of awarded/bagged orders/contracts other than in the ordinary course of business,” it stated in refusing to confirm or deny the cancellation.