Gautam Adani breaks silence on US indictment to say his group is committed to compliance

Adani Group founder Gautam Adani responded for the first time on Saturday to allegations by US authorities that he was part of a $265 million bribery scheme, saying that his ports-to-power conglomerate was committed to world class regulatory compliance.

The indictment is the second major crisis to hit Adani in just two years, sending 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. This is not the first time we have faced such challenges,” Adani said in a live-streamed speech at an awards ceremony.

“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,” Adani said in the northern Indian city of Jaipur.

Adani Group has denied the US allegations, describing them as “baseless” and vowing to seek “all possible legal recourse”.

“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,” Adani said in his speech, without giving further details.

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

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