Adani Group CFO makes BIG statement on US report, says, 'none of the...'

The Adani Group has responded to recent allegations in a US government report, clarifying that the claims pertain solely to a single contract under Adani Green Energy, representing about 10% of the subsidiary's business. The conglomerate emphasised that none of its 11 publicly listed companies are implicated in any wrongdoing.

In a statement on Saturday, Adani Group CFO Jugeshinder Singh strongly dismissed the allegations as unfounded. "Our portfolio comprises 11 public companies, none of which are subject to legal proceedings or accused of misconduct in the recent filings in New York City," Singh stated.

Singh criticised media outlets for sensationalising the issue and urged the public to wait for the company’s detailed response. He revealed that the group became fully aware of the specifics only two days ago and is reviewing the matter.

Addressing the controversy in a post on X, Singh reiterated that the allegations relate to one contract under Adani Green and do not affect the broader group. He requested patience, stating, "We will respond in fullness of time once we review the matter as presented in the legal filing."

The Adani Group also strongly denied allegations from the US Department of Justice (DOJ) and the US Securities and Exchange Commission (SEC), which accused directors of Adani Green Energy of involvement in a $265 million bribery scheme to secure power-supply contracts in India. The company described the charges as baseless and announced plans to explore legal remedies.