Adani says no one from group charged with US FCPA violation

Adani says no one from group charged with US FCPA violation

Adani Group Chairman Gautam Adani on Tuesday denied any wrongdoing in response to US allegations of bribery, telling shareholders that no individual from the group has been charged under the US Foreign Corrupt Practices Act (FCPA).

Adani Group Chairman Gautam Adani speaks during the company's Annual General Meeting.(PTI)

"Despite all the noise, the facts are that no one from the Adani Group has been charged with violating the FCPA or conspiring to obstruct justice," Adani said at the company’s annual general meeting.

"Even in the face of the storms and relentless scrutiny, the Adani Group has never backed down," he said.

In November, US authorities indicted Adani and several executives, alleging they paid bribes to secure Indian power contracts and misled US investors. The Adani Group has rejected the allegations as "baseless" and said it was cooperating with legal processes.

Adani Group and its 13 offshore investors have been facing an investigation by the Securities and Exchange Board of India (SEBI) since Hindenburg Research in 2023 alleged the group's improper use of tax havens. The group has consistently denied any wrongdoing.

The company, which is constructing the world's largest renewable energy park in Khavda, western India, aims to install 50 gigawatts (GW) of renewable capacity by 2030.

With combined thermal, renewable and pumped hydro assets, Adani Group expects to reach a total power generation capacity of 100 gigawatts by 2030, Adani said.

Adani also announced a record capital expenditure plan, saying the group expects to invest between $15 billion and $20 billion annually over the next five years.