https://sputniknews.in/20250624/adani-remains-unscathed-by-us-allegations-indian-billionaire-says-9346953.html
Adani Remains Unscathed by US Allegations, Indian Billionaire Says
Adani Remains Unscathed by US Allegations, Indian Billionaire Says
Sputnik India
Adani Group Chairman Gautam Adani has announced that the group would invest around $100 billion in capital expenditure as part of its expansion plans in India in the next five years.
2025-06-24T13:49+0530
2025-06-24T13:49+0530
2025-06-24T13:49+0530
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Ports-to-mining conglomerate Adani Group remains unaffected by the bribery allegations levelled by the US Department of Justice (DoJ) and the Securities and Exchange Commission (SEC), Chairman Gautam Adani told the Annual General Meeting (AGM) of shareholders and promoters on Tuesday.The US SEC charged Gautam Adani and Sagar Adani, the Executive Director of Adani Green, with bribery charges which involved paying or promising to pay hundreds of millions of dollars in bribes to Indian officials to secure bids to purchase energy at inflated rates. Adani has categorically rejected the charges and is contesting the allegations in a New York court.The charges led to the biggest stock market crash in Indian corporate history, eroding nearly $100 billion in market value of company's shares. The group has since recovered from the losses and has been bolstering its domestic debt-raising profile, offering a first public bond issue to target retail investors.Adani noted that Adani Power had emerged as the first Indian company to cross 100 billion units of power generation, while Adani Green was in the process of building the world's biggest renewable energy park. The Adani Chairman said that the company had also launched India's first hydrogen-powered bus.He also noted the achievements of other group entities, including Adani Ports and Adani Airports Holdings Limited (AAHL), which are India's largest private port operator and one of the biggest airport operators.
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Adani Remains Unscathed by US Allegations, Indian Billionaire Says
Adani Group Chairman Gautam Adani has announced that the group would invest around $100 billion in capital expenditure as part of its expansion plans in India in the next five years.
Ports-to-mining conglomerate Adani Group remains unaffected by the bribery allegations levelled by the US Department of Justice (DoJ) and the Securities and Exchange Commission (SEC), Chairman Gautam Adani told the Annual General Meeting (AGM) of shareholders and promoters on Tuesday.
"Despite all the noise, the facts are that no one from the Adani Group has been charged with violating the FCPA or conspiring to obstruct justice. We live in a world where negativity often echoes louder than the truth. And as we cooperate with legal processes, let me also restate that our governance is of global standards, and our compliance frameworks are non-negotiable," Adani said.
The US SEC charged Gautam Adani and Sagar Adani, the Executive Director of Adani Green, with bribery charges which involved paying or promising to pay hundreds of millions of dollars in bribes to Indian officials to secure bids to purchase energy at inflated rates. Adani has categorically rejected the charges and is contesting the allegations in a New York court.
He noted that the Indian conglomerate had even emerged unaffected from the charges levelled by now defunct US shortseller Hindenbur Research, which had in January 2023 accused the Indian entity of artificially inflating its share price.
The charges led to the
biggest stock market crash in Indian corporate history, eroding nearly $100 billion in market value of company's shares. The group has since recovered from the losses and has been bolstering its domestic debt-raising profile, offering a first public bond issue to target retail investors.
"And our numbers tell their own story. Even in a year of turbulence, we saw record-breaking revenue, unprecedented growth and historic profitability. We are proof of a Group that dares to dream beyond constraints and powered by a nation that breathes possibility into every tomorrow ahead of us," Adani told the shareholders.
Adani noted that Adani Power had emerged as the first Indian company to cross 100 billion units of power generation, while Adani Green was in the process of building the world's biggest renewable energy park. The Adani Chairman said that the company had also launched India's first hydrogen-powered bus.
He also noted the achievements of other group entities, including Adani Ports and Adani Airports Holdings Limited (AAHL), which are India's largest private port operator and one of the biggest airport operators.
