Former Azure Power CEO indicted in Adani bribery case while leading new energy venture

Ranjit Gupta, former CEO of Azure Power, has been indicted in a $250 million bribery case linked to the Adani Group. Gupta now leads Ocior Energy, which recently secured a $1.2 billion investment from REC Ltd to build a green ammonia plant in Odisha. Gupta and his co-founder, Murali Subramanian, were asked to resign from Azure Power in April 2022 amid investigations into improper payments to Indian officials. The US Department of Justice's complaint details their alleged involvement in bribing officials to secure contracts for solar power projects. Ocior Energy, founded in August 2022, aims to invest $21 billion in green energy projects by 2030. However, it currently has no revenue and faces uncertainty due to the ongoing investigation and the implications of its leadership's past.