Indian-American business leaders and global brokerage firms have backed the closure of the US case involving the Adani Group, with industry voices arguing that the matter lacked evidence and fell outside American jurisdiction, while analysts turned bullish on the conglomerate’s execution capabilities and balance sheet strength.
Speaking to IANS, Mukesh Aghi said the case against the Adani Group was surprising because it did not fall under US legal jurisdiction.
“When you look at the case, it was completely out of the jurisdiction of the US law. And so, we were surprised as to why this has been put on an Indian company,” he said.
Aghi further said there was “no evidence of bribery” and noted that no US investors had suffered losses, adding that the closure of the case would help restore momentum in India-US economic ties and improve investor confidence.
Echoing similar views, Ajay Jain Bhutoria said prosecutors failed to sustain their allegations due to lack of evidence.
Bhutoria also highlighted the Adani Group’s proposed investment in the US, saying it challenged perceptions that Indian businesses take away American jobs and instead demonstrated their role in driving domestic economic growth.
Meanwhile, global brokerage Bernstein issued a bullish note on the Adani Group, praising its large-scale execution capabilities, healthy balance sheet and strategic infrastructure positioning.
The brokerage said it was comfortable with the group’s debt profile, promoter holdings and share pledge metrics, while highlighting the conglomerate’s ability to secure large land parcels and evacuation infrastructure for renewable energy projects.
Bernstein maintained an “Outperform” rating on Adani Ports and Special Economic Zone with a target price of Rs 1,880, citing strong pricing power and expansion opportunities. It also retained an “Outperform” rating on Adani Power with a target price of Rs 177, noting that the company has secured long-term equipment commitments that could limit competition in the thermal power sector.