The Adani Group, one of India's leading conglomerates, has strongly denied allegations made by the US Department of Justice (DoJ) and the Securities and Exchange Commission (SEC). The charges accuse Gautam Adani and key officials of paying $250 million in bribes for Indian solar energy contracts. Calling these claims baseless, the group reiterated its commitment to governance, transparency, and compliance across jurisdictions.

In a media statement, the group highlighted that these are mere allegations, as noted by the DoJ itself, and no guilt has been established. "All possible legal recourse will be sought," a spokesperson stated, assuring stakeholders of the group's ethical and law-abiding practices.

Adani Group Media Statement

"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.

As stated by the US Department of Justice itself, "the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty." All possible legal recourse will be sought.

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

While the news led to initial dips in the stock prices of Adani Green and Adani Enterprises on November 21, they showed recovery by midday, reflecting strong investor confidence. Adani Green also announced it would withdraw its proposed dollar bond offering in light of the developments.

Adani Green also announced the withdrawal of its $600 million proposed dollar bond offering following the DoJ's press release.

The allegations come at a time when the Adani Group is pivotal to India's renewable energy goals. The group, which has played a transformative role in India's clean energy transition, remains steadfast in its vision to position the country as a global leader in sustainable energy solutions.