Kenya's President William Ruto has cancelled two major deals involving Indian billionaire Gautam Adani, after the tycoon was indicted for fraud by US prosecutors. In his state-of-the-nation address on Thursday,

Adani Energy Solutions said on Saturday that Kenya's cancellation of a $736 million transmission line project did not require it to make any regulatory disclosure under Indian stock exchange rules as it was within its ordinary course of business.

It follows accusations that Adani was scheming to pay over $250 million in bribes to Indian government officials, which he denies.