Adani Group Faces Legal Scrutiny Over US Bribery Indictment

The Adani Group has initiated an independent legal review following a US indictment involving its founder Gautam Adani in a $265 million bribery case. Accusations suggest bribes were paid for renewable energy contracts. The group denies all charges, claiming compliance with laws.

The Adani Group has taken decisive action in response to a US indictment accusing its founder, Gautam Adani, of involvement in a $265 million bribery scheme. The group's independent law firms have been tasked with reviewing the charges, according to a filing by Adani Green Energy Ltd (AGEL).

The indictment, filed by the US Department of Justice in New York, alleges that Adani and other executives orchestrated bribes to secure lucrative solar power contracts, potentially yielding $2 billion in profits over two decades. While AGEL's name does not appear in the charges, the company insists on its compliance with legal standards.

AGEL's Q3 earnings statement noted the appointment of law firms for an impartial review, although their names remain undisclosed. Despite these developments, the Adani Group staunchly refutes all allegations, dubbing them 'baseless' and affirming its adherence to regulations.

(With inputs from agencies.)