Adani CFO clarifies allegations, says none of the group’s 11 public companies subject to indictment

Adani Group’s Chief Financial Officer, Jugeshinder Robbie Singh, has addressed allegations involving Gautam Adani, the group’s founder and chairman, in connection with a U.S. indictment accusing him and others of bribery to secure solar energy contracts. Singh emphasized that none of the group’s 11 publicly listed companies or their subsidiaries have been accused of any wrongdoing.

In a post on X (formerly Twitter), Singh stated the group would provide a detailed response after obtaining legal counsel’s approval. He reiterated that the allegations, as outlined by the U.S. Department of Justice (DoJ), are unproven and that the accused are entitled to the presumption of innocence.

The indictment, unsealed in a New York court, alleges that Gautam Adani, his nephew Sagar Adani, and others agreed to pay approximately $265 million in bribes to Indian government officials between 2020 and 2024. These payments reportedly aimed to secure solar energy contracts expected to generate $2 billion in profits over two decades.

The U.S. Securities and Exchange Commission (SEC) has also filed charges against Gautam Adani, Sagar Adani, and other executives, alleging their involvement in the scheme.

Singh clarified that the indictment pertains to a single contract involving Adani Green Energy Ltd., representing roughly 10% of the company’s overall business. He also noted that none of the listed firms within the Adani portfolio are defendants in the case or accused of illegal conduct.

Referring to earlier disclosures, Singh highlighted that potential risks were mentioned in February 2024 during a public issuance by the group. However, he did not elaborate on the specifics of these disclosures.

Singh called for patience, stating the group would respond comprehensively after thoroughly reviewing the allegations. “We will respond in full once we have detailed counsel review of the legal filings,” he said.

The Adani Group has categorically denied the allegations and announced plans to pursue legal recourse.

The Adani family has 11 listed entities on the Indian stock exchanges - flagship incubator Adani Enterprises, electricity producer Adani Power, ports company Adani Ports & SEZ, power transmission firm Adani Energy Solutions, renewable arm Adani Green Energy, city gas distributor Adani Total Gas, commodities firm Adani Wilmar, media firm New Delhi Television and cement companies Ambuja Cements, ACC, and Sanghi Industries.