Israel backs India's Adani after US bribery allegations, Israeli envoy says (updated)

Tower Semiconductor

28/11/2024 09:05

(Adds quote, details, background, paragraphs 3-6)
    By Rishika  Sadam
       HYDERABAD, India, Nov 28 (Reuters) - Israel wants
India's Adani Group to continue to invest in the country,
Israel's envoy to India said on Thursday, affirming the nation's
support for the ports-to-media conglomerate whose billionaire
founder is facing bribery allegations in the United States.
    "We wish Adani and all Indian companies continue to invest
in Israel," Ambassador Reuven Azar said in an interview with
Reuters, adding that allegations by U.S. authorities were "not
something that's problematic" from Israel's point of view. 
    The Adani Group holds a 70% stake in Haifa port in northern
Israel and is involved in multiple other projects with firms in
the country, including to produce military drones and plans for
the manufacture of commercial semiconductors.
    U.S. authorities last week accused Gautam Adani, his nephew,
and Adani Green's  ADNA.NS  managing director of being part of a
scheme to pay bribes of $265 million to secure Indian power
supply contracts and misleading U.S. investors during fund
raising efforts there.
    Adani Group has denied all the accusations, calling them
"baseless". 
    Still, shares and bonds of Adani companies were hammered
last week and some partners began to review joint projects.   
    "I am sure Adani Group will resolve its problems," Azar said
on the sidelines of an event in the southern city of Hyderabad.
    

 (Reporting by Rishika Sadam; Writing by Shivam Patel; Editing
by Jacqueline Wong, Kirsten Donovan)
 ((Shivam.Patel@thomsonreuters.com;))