Gautam Adani, the founder of Adani Group, responded for the first time on Saturday to the serious allegations brought against him by U.S. authorities, which claim he was involved in a $265 million bribery scheme.
In a speech at an awards ceremony, Adani reiterated that his ports-to-power conglomerate is fully committed to world-class regulatory compliance.
This indictment marks the second major crisis to hit Adani Group in just two years, sending shockwaves both within India and internationally. One Indian state is currently reviewing its power deal with the group, and France’s TotalEnergies has paused its investments. Additionally, political debates surrounding Adani have disrupted India’s parliamentary proceedings.
“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 remarked.
The U.S. authorities have accused Adani, his nephew and executive director Sagar Adani, and six other defendants of conspiring to pay approximately $265 million in bribes to Indian government officials. This was allegedly done to secure contracts expected to generate $2 billion in profit over 20 years, including the development of India’s largest solar power plant project.
Adani Group has strongly denied the allegations, calling them “baseless” and pledging to pursue “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 his speech in 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 elaborating further.
On Friday, the group’s finance chief also rejected the allegations, and the Indian government confirmed it had not received any request from the U.S. regarding the case.
At one point, Adani Group’s listed companies saw a loss of up to $34 billion in market value. However, the stocks have since regained some ground as a number of partners and investors have shown support for the conglomerate.
