Gautam Adani, the founder of the Adani Group, addressed allegations from U.S. authorities regarding his involvement in a $265 million bribery scheme for the first time on November 30, asserting that his conglomerate, which spans various sectors from ports to power, is dedicated to maintaining exemplary regulatory compliance. This indictment marks the second significant crisis for Adani in a span of two years, causing considerable concern both within India and internationally. In response to the unfolding situation, Telangana is reassessing a power agreement with the group, while France’s TotalEnergies has opted to suspend its investments, and political disputes surrounding Adani have disrupted parliamentary proceedings in India.In a speech delivered at an awards ceremony, Adani remarked, “Less than two weeks back, we faced a set of allegations from the U.S. about compliance practices at Adani Green Energy. This is not the first time we have faced such challenges.”
U.S. authorities have implicated Gautam Adani, along with his nephew and executive director Sagar Adani, and managing director of Adani Green, Vneet S. Jaain, in a scheme involving bribery to obtain Indian power supply contracts and misleading U.S. investors during fundraising efforts. The Adani Group has categorically rejected these allegations, labeling them as “baseless” and pledging to pursue “all possible legal recourse.” Adani emphasized that each attack only serves to fortify the group, stating, “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.” He further noted the rapid spread of negativity in today’s world, reaffirming the group’s unwavering commitment to regulatory compliance as they navigate the legal challenges ahead, although he refrained from providing additional specifics. At one point, the market value of Adani Group’s publicly traded companies plummeted by as much as $34 billion, yet the stocks have since regained some ground as certain partners and investors have rallied in support of the conglomerate.
