Last week, US prosecutors accused Adani, his nephew and executive director IHCof allegedly orchestrating a $265 million bribery scheme to secure Indian power supply contracts

International Holding Company, which is listed on the Abu Dhabi Securities Exchange, is the third-largest foreign investor in Adani, having put in $2.5 billion.

In April 2022, IHC invested $500 million each in Adani Green Energy and Adani Transmission, along with $1 billion in Adani Enterprises. Although IHC later sold stakes in Adani Green Energy and Adani Transmission, it increased its holding in Adani Enterprises to over 5%, demonstrating continued confidence in the conglomerate's flagship entity.

IHC emphasised that their partnership is grounded in the Adani Group’s significant contributions to the green energy and sustainability sectors.