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Business

Adani Green Engages Law Firms to Address US Bribery Allegations

The announcement was made in a 33-page earnings regulatory filing released late Thursday (January 23).

Adani Green Engages Law Firms to Address US Bribery Allegations

Adani Group Chairman Gautam Adani (file photo).

Adani Green Energy announced that it has appointed independent law firms to review a US indictment against its founder Gautam Adani, as well as top executives Sagar Adani (Executive Director) and Vneet S. Jaain (Managing Director), Reuters reported.

The indictment accuses Adani executives of orchestrating a $265 million bribery scheme to secure power contracts in India and misleading U.S. investors. The Adani Group has strongly denied the allegations, calling them "baseless."

The controversy has sparked significant fallout, including a review of a power deal by an Indian state government and a halt in further investments by French energy giant TotalEnergies.

The scandal has also fuelled political turmoil, with opposition parties disrupting parliamentary proceedings in the winter session, demanding a full debate on the Adani case.

The announcement was made in a 33-page earnings regulatory filing released late Thursday (January 23), which did not reveal the names of the appointed law firms. Adani Green reiterated its commitment to compliance with all applicable laws and regulations.

A key focus of the US investigation is a 2021 solar energy deal in Andhra Pradesh, where the Solar Energy Corporation of India awarded a major renewable energy contract to Adani Green Energy.

The deal, finalized in just 57 days, bypassed concerns raised by finance and energy officials regarding its valuation and financial implications for the state, ultimately benefiting Adani Green.

Notably, Adani Green Energy has not been named as a defendant in the indictment or the associated civil complaint. The company maintains that it has previously disclosed all necessary information, including in bond offering documents.

The allegations have caused concern among some of Adani Group's partners and investors. One Indian state is reviewing its power agreement with the company, while TotalEnergies has suspended further investments in the conglomerate, reported Reuters.

The fallout has also impacted Adani Green’s market performance. Since the U.S. indictment, its shares have dropped over 27%, with an additional 0.5% decline as of Friday.

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