The YSR Congress Party (YSRCP) has strongly rejected allegations of bribery involving the Adani Group and former Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy. The accusations, raised by the U.S. Securities and Exchange Commission (SEC), claim that the Adani Group paid a $200 million bribe to secure a solar power deal with the Andhra Pradesh government.
According to the SEC’s indictment, the Adani Group allegedly bribed Reddy to secure a 7-gigawatt solar power deal with the state. However, the YSRCP has denied these claims, stating that there was no direct agreement between the Adani Group and Andhra Pradesh’s electricity distribution companies (DISCOMs). Instead, the agreement was made with the Solar Energy Corporation of India (SECI), a government-owned enterprise.
The YSR Congress Party clarified that the procurement agreement, signed during Reddy’s tenure, involves the supply of 7,000 MW of solar power at a rate of ₹2.49 per kWh for a period of 25 years. The project is structured to begin with 3,000 MW in FY 2024-25, followed by 3,000 MW in FY 2025-26, and 1,000 MW in FY 2026-27.
According to the YSRCP, the deal will significantly benefit the state. The waiver of inter-state transmission system (ISTS) charges allows for cheaper power procurement, potentially saving the state ₹3,700 crore annually. Over the 25-year term, the total benefit to Andhra Pradesh is expected to be considerable.
While the ruling party defends the deal as a long-term advantage for the state, opposition parties have called for a Joint Parliamentary Committee (JPC) investigation into the bribery allegations. Congress leader Jairam Ramesh has raised concerns about SECI’s role, describing it as a critical element of the alleged corruption.
The Adani Group has firmly denied the allegations, rejecting claims made by both the U.S. Department of Justice and the SEC against directors of Adani Green. Meanwhile, the BJP has expressed confidence that the law will take its course, accusing opposition leaders of politicizing the issue for electoral gains.
As the investigation progresses, the political debate surrounding these allegations is expected to heat up, with both the ruling and opposition parties intensifying their rhetoric
