Gautam Adani - the founder of the Adani Group- broke his silence on Saturday regarding the bribery allegations leveled against him by U.S. authorities.
Speaking at an awards ceremony in Jaipur, Adani addressed the $265 million bribery indictment, which accuses him and several of his associates of paying bribes to secure power supply contracts in India.
The U.S. also alleges that the Adani Group misled U.S. investors during fundraising activities.
In his first public response to the charges, Adani dismissed the allegations as "baseless," reiterating the Adani Group’s commitment to "world-class regulatory compliance." The conglomerate, which spans industries from ports to power, has faced increased scrutiny in the wake of the indictment, marking the second significant crisis for the business empire in just two years.
"Less than two weeks ago, we faced a set of allegations from the U.S. regarding compliance practices at Adani Green Energy. This is not the first time we have faced such challenges," Adani said, reflecting on the ongoing scrutiny.
His statement comes amid a broader political and economic storm in India, with some states reviewing their ties with the conglomerate and international investors such as France's TotalEnergies pausing investments.
U.S. authorities have named Gautam Adani, his nephew and executive director Sagar Adani, and Vneet S. Jaain, Adani Green Energy's managing director, key figures in the bribery scheme. According to the indictment, they orchestrated illegal payments to secure contracts for power supply in India, further accusing the group of deceiving U.S. investors during fundraising efforts.
Despite the gravity of the allegations, the Adani Group has firmly denied the accusations, vowing to explore all legal avenues in response. Adani, addressing the crowd in Jaipur, expressed his resolve: "What I can tell you is that every attack makes us stronger, and every obstacle becomes a stepping stone for a more resilient Adani Group."
The charges have already had significant financial repercussions. Adani Group's listed companies saw a staggering $34 billion wiped off their combined market value following the allegations. However, the group's stocks have since recovered, buoyed by renewed support from partners and investors who have rallied behind the conglomerate.
On the political front, the Indian government has distanced itself from the case, with officials confirming that no formal request has been received from U.S. authorities regarding the allegations.
The controversy has nonetheless triggered political debates within the Indian parliament, with some lawmakers calling for investigations into the matter.
