Adani Group has given clarification amid reports of Kenyan government canceling two major agreements with Adani Group. The group has clarified that it has not entered into any agreement to operate Kenya’s main airport.
Adani Group’s statement
Adani Group said a step-down subsidiary was formed in Kenya in August 2024 with the aim of upgrading, modernizing and managing the airports. But the group stressed, “To date, neither the Adani Group nor its subsidiaries have secured any airport project in Kenya nor has any final agreement been signed for the same.”
Clarification on power transmission deal also
Last month, Adani Group canceled the agreement to build and operate power transmission lines under a 30-year public-private partnership deal in Kenya, saying the project did not fall under SEBI regulations. Therefore, there was no need to make public the information about its cancellation.
Background: Kenya’s decision
Kenyan President William Ruto recently directed the cancellation of all proposed agreements signed with Indian company Adani Group.
$700 million power transmission deal: This deal was for the development of power transmission infrastructure in Kenya.
$1.8 Billion Airport Expansion Project: This proposed deal was to expand Kenya’s main international airport.
President Ruto took this decision after allegations of bribery against Adani Group in America. He said he has directed to cancel the process of handing over control of the airport to Adani Group.
Reasons for deal cancellation
According to reports, the Kenyan government took this decision to give priority to the interests of the country and avoid controversial issues.
Disclaimer: This news is for information purposes only. Seek expert advice before taking investment or financial decisions.