India’s Adani chief breaks silence on US bribery claims

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India’s Adani chief breaks silence on US bribery claims

Ports-to-power conglomerate Adani Group is committed to world-class regulatory compliance, its founder Gautam Adani says as he responds to allegations by US authorities that he was part of a $US265 million ($A407 million) bribery scheme.

The indictment – the second major crisis to hit Adani in two years – has sent 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 US about compliance practices at Adani Green Energy,” Adani said in a speech at an awards ceremony.

“This is not the first time we have faced such challenges.”

US authorities have accused Gautam Adani, his nephew and executive director Sagar Adani and Adani Green managing director Vneet S Jaain of being part of a scheme to pay bribes to secure Indian power supply contracts and misleading US 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 ******* 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 said, without giving further details.

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

At one point, Adani Group’s listed companies had as much as $US34 billion ($A52 billion) wiped off their combined market value, but the stocks have recovered ground as some partners and investors have rallied behind the conglomerate.

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