Azure Power Global Limited: A Caisse-Backed Company
Azure Power Global Limited is a leading solar power producer in India. It is backed by Caisse de dépôt et placement du Québec, a Canadian pension fund manager. The company is listed on the New York Stock Exchange (NYSE) and has been under investigation since 2019.
Background of the Investigation
The investigation into Azure Power Global Limited began in 2019 when the company was accused of violating the Foreign Corrupt Practices Act (FCPA). The FCPA is a U.S. law that prohibits companies from bribing foreign officials in order to gain business advantages. The investigation was conducted by the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC).
Azure Power Global Limited’s Response
Azure Power Global Limited has denied any wrongdoing and has cooperated with the investigation. The company has stated that it has taken steps to strengthen its compliance program and has implemented new policies and procedures to ensure compliance with the FCPA.
Consequences of the Investigation
The investigation has had a significant impact on Azure Power Global Limited. The company’s stock price has dropped significantly since the investigation began and the company is now at risk of being delisted from the NYSE.
Caisse de dépôt et placement du Québec’s Involvement
Caisse de dépôt et placement du Québec is a major investor in Azure Power Global Limited. The pension fund manager has been monitoring the situation closely and has expressed its support for the company. Caisse de dépôt et placement du Québec has stated that it is confident in the company’s ability to resolve the investigation and remain listed on the NYSE.
The Impact of the Investigation on Azure Power Global Limited
The investigation into Azure Power Global Limited has had a significant impact on the company. The company’s stock price has dropped significantly since the investigation began and the company is now at risk of being delisted from the NYSE. This could have a major impact on the company’s ability to raise capital and could have a negative effect on its future growth.
The Future of Azure Power Global Limited
Azure Power Global Limited is currently in the process of resolving the investigation. The company has taken steps to strengthen its compliance program and has implemented new policies and procedures to ensure compliance with the FCPA. It is unclear how long the investigation will take to resolve, but the company is confident that it will be able to remain listed on the NYSE.
Conclusion
Azure Power Global Limited is a leading solar power producer in India that is backed by Caisse de dépôt et placement du Québec. The company is currently under investigation by the U.S. Department of Justice and the U.S. Securities and Exchange Commission for violating the Foreign Corrupt Practices Act. The investigation has had a significant impact on the company’s stock price and it is now at risk of being delisted from the NYSE. The company is taking steps to strengthen its compliance program and is confident that it will be able to remain listed on the NYSE.