The Solar Energy Corp. of India (Seci) plays a key role in India's renewable energy (RE) push by acting as a central intermediary between private power producers and state power distribution companies (discoms). However, Seci's mention in the US indictment of Indian tycoon Gautam Adani has put the spotlight on its tendering process.
The indictment says Adani executives paid bribes to secure agreements with discoms to buy solar power from Seci, in a bid that Adani Green had won in a 2019 tender.
Seci's inability to find buyers for the power generated by these projects, which US Securities and Exchange Commission (SEC) alleges was priced "above market rate", was a key factor in the alleged bribery scheme. Adani group has denied the allegations.
"Seci will not be reviewing the order (the US indictment) or initiating a probe now on the issue, as there is no basis for that. There is no document with us other than the order, on the basis of which we could comment on the issue. I have heard of it only from the media. Further, I am not sure whether any norms have been violated and if anybody has been named in the order," Seci chairman and managing director R.P. Gupta told Mint.
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World Bank calls for reforming skills training in India
India must make a coordinated effort to reform and rebrand vocational skill training, besides aligning education with the job market, to leverage its demographic advantage to meet the $5-trillion target for its economy, the World Bank said.
FCPA cases take long to conclude after indictment
For investors keen to know the fate of billionaire Gautam Adani's indictment by US authorities, the watchword is patience.
Short-covering, relief rally add ₹7.27 trillion wealth
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COP29's $1.3 tn fund plan disappoints Global South
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Jaguar rebrand is pink, diverse and doesn't feature any cars
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Services up as manufacturing slows in Nov
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MSMED may protect medium firms too
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Europe boosts Indian textile exports in FY25
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RBI nudges banks to cut speculative bet in rupee
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