India’s Adani Green Energy has appointed independent law firms to review a U.S. indictment accusing founder Gautam Adani and top executives of paying $265 million in bribes for power contracts.
The company announced the decision in a 33-page regulatory filing on Thursday but did not disclose the names of the law firms, reiterating its compliance with applicable laws and regulations.
In November, U.S. authorities indicted Gautam Adani, Executive Director Sagar Adani, and Managing Director Vneet S. Jaain. The indictment alleges they paid bribes to secure Indian power contracts and misled U.S. investors during fundraising efforts.
Adani Group has denied the charges, calling them baseless.
The investigation centers on a 2021 solar energy deal in Andhra Pradesh, where Adani Green Energy won a significant contract from the Solar Energy Corporation of India. Reuters previously reported that the deal bypassed concerns raised by officials over its value and potential financial strain on the state.
Adani Green is not named as a defendant in the indictment and stated it has made all necessary disclosures, including in bond offering documents. However, the allegations have led to scrutiny from investors and partners, with at least one Indian state reviewing its power deal and TotalEnergies halting further investments in the group.
Shares of Adani Green have fallen over 27% since the indictment was issued and dropped another 0.5% on Friday.
