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India's Adani Group calls US bribery charges 'baseless'

National

By AFP | Nov 21, 2024

**Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaks at the World Congress of Accountants in Mumbai on November 19, 2022**.[AFP]

India's Adani Group on Thursday rejected charges made by US prosecutors that its founder Gautam Adani had paid more than $250 million in bribes to secure lucrative government contracts.

"The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied," the conglomerate said in a statement, adding that "all possible legal recourse will be sought".

Wednesday's indictment accuses Adani and multiple subordinates of paying huge sums of more than $250 million in bribes to Indian officials for lucrative solar energy supply contracts.

The deals were projected to generate more than $2 billion in profits after tax over roughly 20 years.

None of the multiple defendants named in the case are in custody.

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"The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations," the statement added.

"We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws."