NEW DELHI: Adani Group founder Gautam Adani hit back for the first time on Saturday against allegations by US authorities that he was involved in a $265 million bribery scheme, saying his ports-to-power group was committed to world-class regulatory compliance.
The indictment is the second major crisis to hit Adani in just two years, sending shockwaves across India and beyond. An Indian state is reviewing a power deal with the group, France’s TotalEnergies to halt its investment, and political wrangling over Adani has roiled India’s parliament.
“Less than two weeks ago, we faced a series of allegations from the US regarding compliance practices at Adani Green Energy. This is not the first time we have faced such challenges,” Adani said in a speech at an awards ceremony.
US authorities have accused Gautam Adani, his nephew and chief executive Sagar Adani and Adani Green chief executive Vneet S Jaain of participating in a bribery scheme to secure power contracts in India and mislead US investors out of the duration of fundraising in the country. .
The Adani Group denied the allegations, calling them “baseless” and pledged to seek “all possible legal remedies”.
“What I can tell you is that every attack makes us stronger and every setback is a stepping stone to a more resilient Adani Team,” Adani said in the northern Indian city of Jaipur.
“In today’s world, negativity spreads faster than facts, and as we work through the legal process, I want to reaffirm our absolute commitment to complying with world-class regulations,” he added, without elaborating.
Adani Group’s chief financial officer on Friday rejected the allegations, while the Indian government said it had not received any US request on the case.
At one point, Adani Group’s listed companies saw as much as $34 billion wiped from their combined market value, but the shares have recovered as some partners and investors have rallied behind the conglomerate.
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