NEW DELHI – The bribery indictment of Indian billionaire Gautam Adani in the United States pertains to a single contract involving Adani Green Energy, which constitutes approximately 10% of its business, and does not implicate other entities within the conglomerate, the group’s CFO stated on Thursday.
The charges, announced on November 20, accuse Adani and seven others of participating in a $265 million scheme to bribe Indian officials to secure power-supply agreements. Adani has dismissed the allegations as “baseless.”
Group CFO Jugeshinder Singh clarified that none of the Adani Group’s 11 publicly traded companies are accused in the legal proceedings. “The indictment concerns one contract of Adani Green Energy,” Singh said on X, formerly known as Twitter, emphasizing that no other firms in the conglomerate are implicated.
The indictment marks a significant challenge for the $143 billion Adani Group, which had already faced scrutiny in 2023 following a report by Hindenburg Research alleging misuse of offshore tax havens—claims the group vehemently denied.
The fallout from the charges has been swift. Adani’s shares have plunged, some international banks are reevaluating credit exposure, and Kenya has canceled contracts worth over $2.5 billion with the group. Additionally, Adani is accused of misleading U.S. investors regarding Adani Green’s adherence to anti-bribery laws in a $750 million bond offering.
The indictment also draws attention to Sagar Adani, a director at Adani Green and a family scion, alleged to have tracked millions of dollars in bribes via his mobile phone.
Singh acknowledged the indictment’s impact, noting the group was aware of potential developments and disclosed related risks in its bond offering documents. However, he said the company learned the specifics of the charges only recently. The group is preparing a detailed response, pending legal advice, as the matter is now before the courts.