Adani Group Faces U.S. Bribery Allegations

The Adani Group has strongly denied U.S. allegations implicating several executives, including Chairman Gautam Adani, in a $265 million bribery scheme related to Indian solar power contracts. The group aims to address these accusations within 10 days and plans to seek legal recourse, amidst significant fallout within India.

In a firm denial, the Adani Group's finance chief rebuffed U.S. allegations accusing its executives, including Chairman Gautam Adani, of engaging in a $265 million bribery operation. This response came on Friday, with the group asserting that such claims are unwarranted and promising a formal clarification in the days ahead.

The accusations target Gautam Adani, his nephew Sagar Adani, and Adani Green's Managing Director, Vneet S. Jaain, of attempting to secure Indian solar power contracts through illicit means and deceiving U.S. investors during fundraising efforts. Adani Group, a major player in multiple sectors, has labeled these allegations as unfounded, insisting on pursuing all viable legal actions.

Amidst these developments, significant repercussions have emerged: Adani's stock witnessed a sharp decline, an Indian state reconsidered its deal with the conglomerate, and political tensions escalated in the Indian parliament. Reacting officially to the controversy, India's foreign ministry noted this as a legal matter involving private entities and the U.S. Department of Justice.

(With inputs from agencies.)