Adani CFO refutes US bribery charges, attributes allegations to a single business contract

The Adani Group's Chief Financial Officer (CFO), Jugeshinder Singh, addressed allegations from a US indictment on Nov 23, clarifying that the bribery charges against Indian billionaire Gautam Adani pertain solely to one contract under Adani Green Energy, which constitutes approximately 10% of the company’s business.

Singh emphasized that none of the other entities within the conglomerate are implicated.

On Nov 20, charges were brought against Adani and seven others for their alleged involvement in a $265 million bribery scheme intended to secure power supply contracts by influencing Indian officials.

The Adani Group has firmly denied these allegations, calling them “baseless.”

Singh reiterated the conglomerate’s stance, stating on social media platform X (formerly twitter) that none of Adani’s 11 publicly listed companies are under indictment or accused of misconduct in the legal case.

He assured stakeholders that the group would release further information in due course, underscoring its commitment to transparency.

The group has faced increased scrutiny following the allegations, but maintains that the accusations lack merit and do not impact its overall operations beyond the isolated Adani Green Energy contract.