Adani Green’s CFO downplays US bribery charges, says allegations linked to a single contract

Indian billionaire Gautam Adani has been indicted in the United States for bribery linked to a single contract involving Adani Green Energy, which accounts for approximately 10 per cent of the company’s business, according to the conglomerate’s Chief Financial Officer Jugeshinder Singh. No other firms within the Adani Group have been implicated, he added.

On Wednesday (Nov 20), Adani, one of the world’s wealthiest individuals, and seven others were charged by US prosecutors in connection with a $265 million scheme to bribe Indian officials for power-supply contracts. Adani has dismissed the allegations, describing them as “baseless.”

Defending the group’s position, Singh said on Saturday that none of Adani’s 11 publicly traded companies were involved in the case or accused of any wrongdoing. “The allegations in the US indictment relate to one contract of Adani Green, which constitutes roughly 10% of its overall business,” he explained on X, the platform formerly known as Twitter.

The charges are a significant challenge for the $143 billion Adani Group, which last year faced scrutiny following accusations by Hindenburg Research over alleged misuse of offshore tax havens—claims the group has denied.

The indictment has already taken a toll on the conglomerate. Shares of its companies have fallen sharply, some international banks are reportedly considering suspending new credit facilities for the group, and Kenya has cancelled two deals with Adani worth over $2.5 billion.

American prosecutors have also accused Adani Green of misleading investors about its compliance with anti-bribery laws. According to the indictment, the company made false assurances regarding its corporate governance and transparency in a $750 million bond offering, which raised $175 million from US financial institutions.

Singh admitted that while the company had been aware of ongoing developments, it only learned the specific details of the charges two days ago. “We were aware that something was happening and disclosed this to investors during the bond offering,” he said.

The indictment also highlighted the alleged role of Sagar Adani, a director at Adani Green and a member of the Adani family, who is accused of managing records of bribes amounting to hundreds of millions of dollars via his mobile phone.

Singh stated that the group would provide further details once it receives legal clearance, as the matter is currently under judicial consideration.

(With inputs from agencies)