By Arpan Chaturvedi
NEW DELHI (Reuters) – Adani Group founder Gautam Adani responded for the first time on Saturday to accusations by U.S. authorities that he was part of a $265 million bribery scheme, saying his ports conglomerate energy was committed to world-class regulatory compliance. .
The allegation is the second major crisis to hit Adani in just two years, sending shockwaves across India and beyond. An Indian state is reviewing an energy deal with the group, France's TotalEnergies (EPA:) decided to suspend its investments, and political disputes over Adani have roiled India's parliament.
“Less than two weeks ago, we faced a series of accusations from the United States over compliance practices in Adani Green Energy (NS:). This is not the first time we are facing such challenges,” Adani said in a speech at the awards ceremony.
US authorities have accused Gautam Adani, his nephew and CEO Sagar Adani and Adani Green CEO Vneet S. Jaain of being part of a scheme to pay bribes to secure Indian power supply contracts and of cheating to American investors during fundraising in the country.
Adani Group has denied the allegations, calling them “baseless” and vowing to pursue “all possible legal remedies.”
“What I can tell you is that every attack makes us stronger and every obstacle becomes a springboard 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 move forward in the legal process, I want to reconfirm our absolute commitment to world-class regulatory compliance,” he added, without elaborating.
The Adani Group's chief financial officer on Friday rejected the allegations, while the Indian government said it had not received any request from the United States about the case.
At one point, the Adani Group's publicly traded companies suffered a loss of up to $34 billion from their combined market value, but the shares have regained ground as some partners and investors have rallied behind the conglomerate.
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