Gautam Adani’s nephew, Sagar Adani, has come into the limelight after facing charges in a US court.
Following accusations leveled against the Adani Group in the U.S., Sagar Adani, nephew of Gautam Adani, has come under the spotlight. The U.S. Justice Department has filed a lawsuit in a New York court accusing Gautam Adani and seven others, including Sagar Adani, of conspiracy to commit fraud. According to the allegations, the accused reportedly paid $265 million in bribes to secure contracts for India’s largest solar energy project.
They allegedly misled investors during a $750 million bond offering, raising $175 million from U.S. investors. Court filings reveal that some individuals involved referred to Gautam Adani as “Numero Uno” or “The Big Man.” The scheme allegedly aimed to generate $2 billion in profits over 20 years.
While the accusations are serious, the indictment stresses that these are allegations, and the defendants are presumed innocent until proven guilty. The Adani Group has denied all charges.
Who Is Sagar Adani?
Sagar Adani is a prominent figure within the Adani Group and the son of Rajesh Adani, Gautam Adani’s brother.
Graduated in Economics from Brown University, USA, before joining the Adani Group in 2015. Sagar is the Executive Director of Adani Green Energy, working alongside his father, who also holds a directorial role.
He is credited with driving the company’s solar and wind energy portfolios, contributing significantly to its growth. According to the Adani Group’s website, Sagar oversees the group’s strategic, financial, and structural development.
After graduating from Brown University in 2015 with a degree in economics, Sagar Adani joined the Adani Group. He is known for expanding Adani Green Energy’s solar and wind energy portfolios and is also responsible for handling the company’s strategic, financial, and structural development.
Sagar Adani Likely Heir To Adani Empire?
Bloomberg reports suggest that Sagar is among the four potential successors of Gautam Adani’s business empire. The others include, Karan Adani (Gautam Adani’s elder son), Jeet Adani (Gautam Adani’s younger son), Pranav Adani (a cousin).