Gautam Adani breaks silence on US allegations to say his group is committed to complying

By Arpan Chaturvedi

NEW DELHI (Reuters) – Adani Group founder Gautam Adani responded for the first time on Saturday to allegations by U.S. authorities that he was part of a $265 million bribery scheme, saying his ports conglomerate committed to complying with world-class regulations. .

The indictment is the second major crisis to hit Adani in just two years, sending shockwaves across India and beyond. An Indian state is reviewing a power deal with the group, France’s TotalEnergies has decided to halt its investment, and political disputes over Adani have disrupted India’s parliament.

“Less than two weeks ago, we faced a set of allegations from the US regarding compliance practices at Adani Green Energy. This is not the first time we have faced such challenges,” Adani said in -a speech at an awards ceremony.

US authorities have accused Gautam Adani, his nephew and chief executive Sagar Adani and Adani Green managing director Vneet S. Jaain of being part of a scheme to pay bribes to secure power supply contracts in India and that they are misleading American investors while raising funds in the country.

Adani Group has denied the allegations, calling them “baseless” and vowing to pursue “all possible legal avenues”.

“What I can tell you is that every attack makes us stronger and every obstacle becomes a stepping stone to a more resilient Adani Group,” Adani said in the northern Indian city of Jaipur.

“In today’s world, negativity travels faster than facts, and as we work through the legal process, I want to reaffirm our absolute commitment to world-class regulatory compliance,” he added, without elaborating.

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

At one point, Adani Group’s listed companies saw as much as $34 billion wiped off their combined market value, but the shares have recovered as some partners and investors rallied behind the conglomerate.

(Reporting by Arpan Chaturvedi; Editing by Alexander Smith)