Adani CFO defends against US charges, says linked to one business contract

NEW DELHI (Reuters) – A U.S. bribery indictment of Indian billionaire Gautam Adani is linked to one contract of Adani Green Energy (NS:ADNA) comprising some 10% of its business, and none of the conglomerate’s other companies are accused of wrongdoing, the group’s CFO said on Saturday.

On Wednesday, Gautam Adani, one of the world’s richest men, and seven others were indicted for fraud by U.S. prosecutors over their alleged roles in a $265 million scheme to bribe Indian officials to secure power-supply deals.

Adani Group has denied the allegations calling them “baseless”.

Group CFO Jugeshinder Singh sought to defend the allegations on Saturday saying none of Adani’s 11 public companies “are subject to indictment” or “are accused of any wrongdoing in the said legal filing”.

The allegations in the U.S. indictment relates to “one contract of Adani Green which is roughly 10% of overall business of Adani Green”, Singh said on X, adding the group will share more details at a later point.