In November, the U.S. Eastern District Court of New York indicted Adani and his nephew Sagar Adani, the executive director of Adani Green Energy, on charges of bribery and securities fraud. They are accused of offering over US$250 million in bribes to secure solar energy supply contracts in India and deceiving investors while raising funds in the U.S.
"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," Adani said at an awards ceremony in Jaipur, in northern India, on Nov. 30. "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 emphasized that negativity tends to spread more quickly than the truth. He also expressed the company's firm commitment to adhering to global regulatory standards while addressing the legal proceedings.
Adani Group dismissed the allegations as baseless and intends to pursue all available legal options to address the matter.
Meanwhile, the Indian government announced that it had not received any request from the U.S. concerning the matter. Following news of Adani's indictment, a state in India began reviewing its power contract with the group, and France's TotalEnergies decided to halt its investment.
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