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Azure Group Faces $23M US Settlement, Exits 150 MW Hybrid Project in India

Azure Group is preparing for a $23 million (Rs1,945 crore) class action settlement in the US related to allegations of bribery, false disclosures, and violations of the Securities Exchange Act of 1934. The case, linked to Azure’s sudden exit from a 2,333 MW Andhra Pradesh project later transferred to the Adani Group, alleged that Azure misled investors by making false compliance claims. The US District Court for the Southern District of New York is scheduled to hear the final approval on September 5, 2025, after the proposal received preliminary approval in April. While denying wrongdoing, Azure has transferred the settlement amount into escrow.

Meanwhile, Azure is also moving to withdraw from a 150 MW solar-wind hybrid project signed in 2021 in India, citing “economic and execution challenges.” This exit could lead to forfeiture of $2.3 million in bank guarantees. The group continues to face multiple legal disputes in India with SECI over project exits. A Special Committee set up in 2022 found that some former employees made improper payments, but none were directly linked to Azure. The developments mark a difficult phase for the group, balancing legal battles in both India and the US while restructuring its commitments.