Telangana Chief Minister A. Revanth Reddy has declined a ₹100 crore donation pledged by Adani Group Chairman Gautam Adani to the Young India Skill University, citing concerns over potential controversies surrounding the donation. The decision comes amid mounting scrutiny of the Adani Group following fresh bribery allegations, with the Congress-led opposition demanding a Joint Parliamentary Committee (JPC) probe into the matter.
Addressing a press conference, Reddy explained that the government rejected the donation to avoid any perception of favoritism toward Adani or the state administration. “Neither I nor my cabinet colleagues want to be entangled in unnecessary discussions that could harm the state government’s reputation,” Reddy said. He confirmed that no funds had been received from the Adani Group and clarified that a formal letter was sent to the Adani Foundation requesting them not to transfer the pledged amount.
The donation, initially part of the Adani Group’s Corporate Social Responsibility (CSR) initiatives, was set to benefit the university after recent efforts by the Telangana government to secure income tax exemptions for contributions to the institution. However, the ongoing controversies around the conglomerate have made the donation untenable, according to the chief minister.
Meanwhile, Adani Group’s financial troubles deepened as shares of five of its firms, including Adani Green Energy, tumbled on Monday. This slump followed an announcement by French energy major TotalEnergies SE, stating it would halt new financial contributions to Adani ventures until the bribery allegations against Gautam Adani are resolved. Adani Green Energy saw its stock drop by 8.05%, closing at ₹967.65, with a day-low of ₹932. Adani Energy Solutions and Adani Power also recorded declines, along with other group companies such as NDTV and Adani Total Gas. However, some Adani firms, including Adani Ports and Adani Enterprises, posted gains.
This development marks another blow to the conglomerate, as it grapples with reputational damage and financial challenges amid the ongoing controversies.
