Indian billionaire Gautam Adani has reaffirmed his conglomerate’s commitment to “world-class regulatory compliance” following fraud and bribery charges filed against him and seven associates in the United States. These are his first public remarks since the accusations emerged.
Adani, 62, a close ally of Prime Minister Narendra Modi, was charged on 20 November by US prosecutors in New York with securities fraud, conspiracy, and wire fraud. The charges include allegations of paying or planning to pay $265 million in bribes to secure contracts and financing for a major solar energy project in India.
“This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger. And every obstacle becomes a stepping stone for a more resilient Adani Group,” Adani said at an awards ceremony on Saturday in Jaipur.
He described the challenges as “the price of pioneering,” adding, “The more bold your dreams, the more the world will scrutinise you. In today’s world, negativity spreads faster than facts. And as we work through the legal process, I want to reconfirm our absolute commitment to world-class regulatory compliance.”
In a statement last week, the Adani Group dismissed the allegations from the US Department of Justice and the US Securities and Exchange Commission as baseless.
Adani’s group plays a crucial role in India’s economy, operating its largest coal mines, ports, and airports, while employing tens of thousands of people. Despite its fossil fuel origins, the conglomerate has ambitious goals to become the world’s leading renewable energy provider by 2030.
Analysts attribute much of Adani’s success to aligning his business priorities with those of the Modi government. Critics, however, accuse him of crony capitalism, alleging preferential treatment that helped secure key government contracts. The Adani Group has consistently denied these claims.
The controversy has already impacted
Adani’s international ventures. On 21 November, Kenya’s president cancelled multimillion-dollar deals with the group for airport modernisation and energy projects.
Sri Lanka is also reviewing agreements with Adani, including a $440 million investment to develop wind power and a port terminal.
Additionally, Bangladesh’s interim government is reassessing an electricity supply agreement under which the Adani Group exports power from India to Bangladesh.
Faridah Abdulkadiri
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