Sat Nov 23 17:09:28 UTC 2024: ## Adani Group Denies Kenya Cancelled Billions in Deals
**Nairobi/Mumbai, October [Date]** – The Adani Group has refuted reports that Kenya cancelled over $2.5 billion in deals following allegations in the US. In a statement issued Saturday, the conglomerate clarified that it had not signed any binding agreement to operate Kenya’s main airport, despite earlier reports suggesting otherwise.
The clarification followed stock exchange notices requesting confirmation on reports that Kenyan President William Ruto had ordered the cancellation of a procurement process for the airport. Adani Enterprises Ltd, the group’s flagship company, stated that while a subsidiary was established in August to pursue airport upgrades and modernization, no airport projects have been awarded, nor have any binding agreements been signed.
Regarding a separate project to build and operate electricity transmission lines in Kenya for 30 years – awarded to Adani Energy Solutions Ltd. on October 9th – the group asserted that this falls under the ordinary course of business and therefore does not require disclosure under SEBI regulations regarding contract cancellations. The company signed a project agreement with the Kenya Electricity Transmission Company Ltd (Ketraco) last month.
The Adani Group maintains that neither the airport nor the power transmission projects were subject to cancellation by the Kenyan government.
First Piper 