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Azure Power Settles $23 Million US Bribery Case

Solar energy producer Azure Power has paid $23 million to settle a lawsuit in a New York district court over alleged bribery, data misrepresentation, and violations of anti-corruption laws. The case involved Azure and its former executives—Ranjit Gupta (ex-CEO), Murali Subramanian (ex-COO), and Pawan Kumar Agrawal (ex-CFO)—who were accused of making false statements, inflating operational data, and paying bribes to secure projects.

The settlement, approved by the court without admission of liability, covers investors who claimed they were misled into purchasing Azure’s shares at artificially inflated prices. The company has already deposited the settlement amount into an escrow account.

Under Gupta and Subramanian’s leadership (2019–2021), Azure’s financial performance deteriorated, with losses rising sharply and total debt increasing by 79% in three years. The complaint alleged that executives manipulated operational data and paid kickbacks, leading to internal whistleblower complaints.

Azure said the resolution allows it to move forward with a focus on ethics, compliance, and sustainable energy growth. The company emphasized its commitment to rebuilding trust and creating long-term value for stakeholders.