Billionaire Gautam AdaniThe group on Saturday clarified reports that Kenya canceled more than $2.5 billion in contracts after a US indictment on corruption charges, saying it had not reached any binding agreement to operate the main airport from Kenya.

Regarding the agreement it signed last month to build and operate key power transmission lines in Kenya for 30 years, the group said the project did not fall within the scope of Kenya’s regulations. disclosure by Sebi, thus warranting no disclosure upon its cancellation. The group was responding to notices sent by stock exchanges to confirm reports that Kenyan President William Ruto was ordering the cancellation of a purchase process that was expected to give control of the country’s main company. airport after the founder of the conglomerate was indicted in the United States.

Adani Enterprises Ltd, the flagship company of billionaire Gautam The Adani group which houses its airport operations, said in a filing that it had formed a step-down subsidiary in Kenya in August this year to modernize and manage the airports. “While the company was in discussions with the competent authority for the said project, to date neither the company nor its subsidiaries (i) have secured any airport project in Kenya, or (ii) have concluded no binding or definitive agreement in relation to any airport in Kenya,” the company said.

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He neither confirmed nor denied reports that Kenya had canceled the airport deal. Adani Energy Solutions Ltd, the company that operates the power transmission lines, said in a separate filing on October 9 that it had won the project to build power transmission lines in Kenya. Subsequently, it formed a subsidiary in liquidation in Kenya.

“We submit that the project does not fall within the scope of Item 4 of Paragraph B, Part A, Annex III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), 2015, as amended (Sebi Listing Regulations), which requires notification to be made for any award, bagging/receipt, modification or termination of orders/contracts awarded/bagged otherwise than in the normal course of business. ” he said, refusing to confirm or deny the cancellation.

He added that the award of the project was part of the normal course of business of the company and its subsidiaries, since they carry out energy transmission and distribution activities (among others). The project will also not come within the ambit of point 4 of paragraph B, Part A, Schedule III of the Sebi Registration Regulations,” it added.

Under the proposed airport deal worth almost $2 billion, the conglomerate was to add a second runway at the Jomo Kenyatta International Airport and upgrade the passenger terminal. He was also to operate it under a 30-year lease. Kenya’s president, in his state of the nation address on Thursday, also said he was canceling a separate 30-year, $736 million public-private partnership that a Adani Group the company signed a contract with the Ministry of Energy and Petroleum last month to build power transmission lines. This follows the indictment by the American authorities of the founder and president of the group. Gautam Adani and seven others for allegedly agreeing to pay Indian officials $265 million to win lucrative solar power contracts.

The Adani Group denied the allegations, calling them baseless and said it would seek “all possible legal remedies”. The tender to operate Kenya’s main airport has been suspended following local protests. Adani Energy Solutions Ltd had last month signed a project agreement with the Kenya Electricity Transmission Company Ltd (Ketraco) for the development of three transmission lines and two substations.