Adani Rejects US Media Report Accusing it of Violating Iran Sanctions

Indian billionaire conglomerate Adani Group has rejected a report by The Wall Street Journal (WSJ) alleging that tankers carrying Iranian crude shipped cargos to the Mundra Port.

An Adani filing with the Bombay Stock Exchange (BSE) termed the WSJ report as "baseless and mischievous".

"Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG. Further, we are not aware of any investigation by US authorities on this subject," the company said.

The US media report also claimed that the US prosecutors were investigating the matter in view of alleged anti-Iran sanctions evasion by the Indian entity.

Adani said that the WSJ report is based on "incorrect assumptions and speculation".

"Any suggestion that Adani Group entities are knowingly in contravention of US sanctions on Iran is strongly denied. Any assertion to the contrary would not only be slanderous but also deemed to be an intentional act to injure the reputation and interests of the Adani Group," it said.

The Indian company clarified that it was its policy to "not handle any cargo from Iran" at any of its ports.

"This includes any shipments originating from Iran or any vessels operating under the Iranian flag. Additionally, the Adani Group does not manage or facilitate any ships whose owners are Iranian. This policy is strictly adhered to across all our ports," the company said in its stock market filing.

The Adani Group also noted that the revenue from LPG segment, amounting to around $171.2 million, constituted just 1.46% of the overall revenue.

"Even while LPG constitutes a very small and operationally non-material component of our overall revenue, all LPG trade conducted by Adani entities is fully compliant with applicable domestic and international laws, including US sanctions regulations," it stated.

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