Former Andhra Pradesh Chief Minister and YSR Congress Party (YSRCP) president YS Jagan Mohan Reddy has strongly denied any involvement in the ongoing controversy surrounding the Adani Group, following allegations of a bribery scheme linked to the company. Speaking to reporters on Thursday, Reddy dismissed the claims, stating that the matter originated with the Solar Energy Corporation of India Limited (SECI) and that his government had no direct connection with the Adani Group.
Reddy emphasised that the issue began with SECI’s letter to the Andhra Pradesh government offering the cheapest power procurement deal in the state’s history at a rate of Rs 2.45 per unit. He clarified that the power purchase agreement was made between the state government, SECI, and the state-run DISCOMs (distribution companies), not with any private entity, including the Adani Group. “How can he (Adani) be involved? The origin is SECI’s letter. Had SECI not offered this deal, none of these issues would have come up. The story starts and ends with SECI’s agreement,” he said.
Reddy also criticized media outlets for spreading what he termed "lies" about the alleged involvement of his government in the Adani matter. He stated that he would be serving defamation notices to those media houses, warning that if they did not respond within 48 hours, he would proceed with legal action seeking damages of over Rs 100 crore.
The YSRCP had earlier issued a clarification on November 22, denying any direct agreement between Andhra Pradesh’s DISCOMs and the Adani Group in connection with the power procurement deal. The state government, under Reddy’s leadership, had signed a 25-year agreement with SECI to procure 7,000 MW of power at Rs 2.49 per kWh, with a waiver of inter-state transmission charges (ISTS), which made the deal financially beneficial for the state.
The agreement, which is set to bring power online over the next few years, is expected to save Andhra Pradesh an estimated Rs 3,700 crore annually. The deal’s terms are seen as advantageous to the state, providing cheaper electricity and long-term benefits.
The controversy erupted after the US Department of Justice and the Securities and Exchange Commission (SEC) charged Gautam Adani and others from the Adani Group over an alleged bribery scheme. However, the Adani Group has firmly denied all allegations of wrongdoing.
