INDIAN BILLIONAIRE GAUTAM ADANI CHARGED IN U. S. FOR ALLEGED BRIBERY, FRAUD. (PHOTO).

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  Indian billionaire Gautam Adani charged in US for alleged bribery, fraud Gautam Adani, the chair of Indian conglomerate Adani Group and one of the world’s richest people, whose business empire extends from ports and airports to renewable energy,has been indicted in New York over an alleged multibillion-dollar fraud scheme, United States prosecutors have said. The authorities on Wednesday charged Adani and two other executives at Adani Green Energy, his nephew Sagar Adani and Vneet Jaain, with agreeing between 2020 and 2024 to pay more than $250m in bribes to Indian government officials to obtain solar energy supply contracts expected to yield $2bn in profits. Prosecutors said the renewable energy company also raised more than $3bn in loans and bonds during this period based on false and misleading statements. Shares of Adani Enterprises, the group's flagship firm, closed down 22% on Thursday. Other group firms also closed in the red. Adani Green Energy, which is the firm at the c
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INDUSTRY: STEEL CONGLOMERATE TO INVEST $500M IN OGUN.(PHOTO).#PRESS RELEASE.

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Industry: Steel conglomerate to invest $500m in Ogun

...to employ 5,000 workers

The investment drive and economic development plans of the Governor Dapo Abiodun-led administration in Ogun State has received a boon as a steel conglomerate, African Industries Group, is set to invest over $500m into the state economy.

The chairman of the group, Mr Raj Gupta made this known at the weekend in an interview with newsmen shortly after a meeting with the governor, at his Oke Mosan Office, Abeokuta.

He said that the company which deals mainly in steel and aluminum is interested in growing its business in the state.

Gupta who further noted that the company currently has over 5,000 employees on its payroll, added that he was impressed with the level of infrastructural development embarked upon by the present administration in Ogun.

"We have many industries in the state and we are here to see how we can grow our investment further. We are employing 5,000 people in the state, and our group investment in Ogun State far exceeds 500 million dollars.

"I have to say I was very impressed so far with what we have seen as progress made by the present administration, our business is in the area of steel and aluminum," he submitted.

 

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