The Adani Group has been maintaining its relationship with a controversial contracting firm controlled by a Taiwanese family, with previously unreported regulatory filings showing how the connection has evolved amid a government investigation and auditor scrutiny.
The contracting firm — Howe Engineering Projects (India) Pvt Ltd. — contains the core operations of a business called PMC Projects Pvt Ltd.
That India’s government alleged in 2014 was being used by billionaire Gautam Adani’s empire to siphon money overseas. Adani denied all wrongdoing and the probe’s findings were dismissed in 2017 by an adjudicating body.
Source: Bloomberg