By Arpan Chaturvedi
NEW DELHI (Reuters) – Adani Group founder Gautam Adani responded for the first time on Saturday to allegations by U.S. officials that he was part of a $265 million bribery scheme, saying his gifts-to-power organization was committed to complying with the country’s laws. .
The case is the second major crisis to hit Adani in just two years, sending shockwaves across India and beyond. Another Indian state is exploring a power deal with the group, France’s TotalEnergies has decided to freeze its investments and political row over Adani has affected India’s parliament.
“Less than two weeks back, we faced a crowd from the USA over the compliance process at Adani Green Energy. This is not the first time we have faced such challenges,” Adani said in a speech at the awards ceremony.
US authorities have charged Gautam Adani, his nephew and managing director, Sagar Adani and the managing director of Adani Green, Vneet S. Jaain, as part of a bribery scheme to secure Indian energy contracts, and to mislead US investors during fundraising. the world.
Adani Group has denied the allegations, describing them as “baseless” and vowing to pursue “every possible legal action”.
“What I can tell you is that every attack makes us stronger and every obstacle becomes a step for the stronger Adani Group,” Adani said in the northern Indian city of Jaipur.
“In today’s world, negativity spreads faster than the truth, and as we work through the legal process, I want to reaffirm our absolute commitment to international compliance,” he added, without giving further details.
Adani Group’s chief financial officer denied the allegations on Friday, while the Indian government said it had not yet received a US request on the matter.
At one point, the listed companies of the Adani Group saw a total of 34 billion wiped off the value of the combined market, but the shares recovered as other partners and investors rallied behind the joint venture.
(Reporting by Arpan Chaturvedi; Editing by Alexander Smith)