Tuesday, 1 April 2025
Home Topics Electricity Green Energy: Adani breaks silence on US indictment, says group is committed to compliance
ElectricityEmissionsLegislationNewsRegulationsSolarTradeWind

Green Energy: Adani breaks silence on US indictment, says group is committed to compliance

55
Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad.
FILE PHOTO: Green Energy's Gautam Adani responds to U.S. bribery allegations. In this image, Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad in this April 2, 2014 file photo. REUTERS/Amit Dave//File Photo

By Arpan Chaturvedi

NEW DELHI (Reuters) -Adani Group founder Gautam Adani responded for the first time on Saturday to allegations by U.S. authorities that he was part of a $265 million bribery scheme, saying that his ports-to-power conglomerate 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. One Indian state is reviewing a power deal with the group, France’s TotalEnergies decided to pause its investments and political rows over Adani have disrupted India’s parliament.

“Less than two weeks back, we faced a set of allegations from the U.S. about 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.

U.S. authorities have accused Gautam Adani, his nephew and executive director Sagar Adani and managing director of Adani Green, Vneet S. Jaain, of being part of a scheme to pay bribes to secure Indian power supply contracts, and misleading U.S. investors during fundraisings in the country.

Adani Group has denied the allegations, describing them as “baseless” and vowing to seek “all possible legal recourse”.

“What I can tell you is that every attack makes us stronger and every obstacle becomes a stepping stone for a more resilient Adani Group,” 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 re-confirm our absolute commitment to world class regulatory compliance,” he added, without giving further details.

Adani Group’s finance chief on Friday rejected the allegations, while the Indian government said it had not received any U.S. request regarding the case.

At one point, Adani Group’s listed companies saw as much as $34 billion wiped off their combined market value, but the stocks have recovered ground as some partners and investors have rallied behind the conglomerate.

(Reporting by Arpan Chaturvedi; Editing by Alexander Smith)

Related Articles

Lilium burnt through huge sums while trying to develop its jet (AFP)

German flying taxi start-up’s rescue deal collapses

A German flying taxi start-up said on Friday it would halt operations...

FILE PHOTO: U.S. Secretary of the Interior Doug Burgum speaks as he attends a signing ceremony with members of the West Virginia Congressional Delegation at the EPA headquarters in Washington, D.C., U.S., February 18, 2025. REUTERS/Kent Nishimura/File Photo

US energy council chief says power plants to produce 15% more electricity

By Valerie Volcovici WASHINGTON (Reuters) – U.S. Interior Secretary and co-chair of...

Cuba has inaugurated a new solar energy park in the capital Havana (AFP)

Cuba opens solar park hoping to stave off blackouts

Cuba on Friday unveiled a new solar energy park in the capital...

FILE PHOTO: Cranes unload imported iron ore from a cargo vessel at a port in Lianyungang, Jiangsu province, China October 27, 2019. REUTERS/Stringer/File Photo

Iron ore heads for weekly gain on brightening demand outlook, China stimulus hopes

By Amy Lv and Lewis Jackson BEIJING (Reuters) -Iron ore futures prices...

Login into your Account

Please login to like, dislike or bookmark this article.