Adani Group Chairman Gautam Adani on Tuesday told shareholders that no one from the company has been charged under the U.S. Foreign Corrupt Practices Act, denying any wrongdoing in response to allegations made by U.S. authorities.
Speaking at the company’s annual general meeting, Adani said the group continues to cooperate with legal processes and has not stepped back despite ongoing scrutiny. He said, “Despite all the noise, the facts are that no one from the Adani Group has been charged with violating the FCPA or conspiring to obstruct justice.”
In November, U.S. authorities indicted Adani and several executives, alleging they paid bribes to secure Indian power contracts and misled U.S. investors. The group has rejected the allegations as baseless.
The Adani Group and 13 offshore investors are also under investigation by the Securities and Exchange Board of India following a 2023 report by Hindenburg Research that accused the company of improper use of tax havens. The company has denied those claims.
Adani also shared the group’s energy plans, including the development of the world’s largest renewable energy park in Khavda, western India. The group aims to install 50 gigawatts of renewable capacity and reach 100 gigawatts of total power capacity by 2030 across thermal, renewable, and pumped hydro projects.
He also announced a record capital expenditure plan, stating the group expects to invest $15 billion to $20 billion each year over the next five years.
