Business Leaders Welcome Closure of U.S. Case Against Adani Group

WASHINGTON — Indian-American business leaders and policy voices welcomed the closure of the U.S. case involving the Adani Group, saying the matter fell outside American jurisdiction and lacked concrete evidence of wrongdoing.

They said the development could help restore momentum in India-U.S. economic relations and improve investor confidence in Indian companies operating globally.

Dr. Mukesh Aghi, president and chief executive officer of the US-India Strategic Partnership Forum, said the bilateral relationship remains strategically and economically important. He said resolving the case involving the Adani Group was necessary to ensure Indian companies have smoother access to international capital markets.

“When you look at the case, it was completely out of the jurisdiction of the US law. And so, we were surprised as to why this has been put on an Indian company,” he said.

“The other thing is there was no evidence of bribery. There were assumptions made and I think you can’t move forward on assumption unless you have real evidence itself,” Aghi told IANS.

Aghi said no investors, particularly U.S. investors, lost money in the matter.

“So, we strongly feel that it was the right decision by the Justice Department and this will take the relationship back on track between the two countries,” he said.

Ajay Jain Bhutoria, a Democrat who served in an advisory role in former President Joe Biden’s White House, said prosecutors were unable to sustain the allegations.

“I cannot say whether the case was politically motivated or not, since it was a judicial matter brought before the court. But the prosecutors were not able to sustain their allegations and did not have enough evidence to continue the case,” Bhutoria said.

Bhutoria said the Adani Group’s planned $10 billion investment in the U.S. could help change perceptions of Indian companies and Indian-American business ties.

“For years, the MAGA movement has pushed a narrow narrative that India and Indian American takes away American jobs through H-1B visas and others. Adani Group’s 10 billion dollars investment completely shatters that misconception,” he said.

“This fundamentally shifts the perception of Indian corporate community in the US, proving that Indian capital could be one of the primary engine driving American domestic growth,” Bhutoria added. (Source: IANS)