Adani CFO Denies Bribery Claims, India Awaits US Action
The Adani Group’s finance chief has dismissed U.S. allegations involving a Ksh.34 billion bribery scheme allegedly implicating Chairman Gautam Adani and other executives, asserting that the Indian government has yet to receive any formal communication from the U.S. on the matter.
U.S. authorities have alleged that Gautam Adani, his nephew, and executive director Sagar Adani, along with Adani Green’s managing director Vneet S. Jaain, were involved in paying Ksh.34 billion in bribes to secure Indian solar power contracts.
Adani Group CFO Jugeshinder Singh firmly denied the accusations, stating, “We are 100% certain no such payments occurred. If such cash transactions happened, I would have known.” Singh made the remarks at a Mumbai event.
Previously, the conglomerate labeled the allegations as “baseless” and pledged to explore all legal options to refute them. While the group itself won’t take immediate action on the U.S. indictment, the accused individuals plan to address the claims within 10 days after consulting legal experts.
Neither Gautam Adani, Sagar Adani, nor Vneet Jaain has responded to requests for comments regarding the allegations.
Singh also sought to reassure stakeholders, emphasizing that the allegations will not disrupt the group’s expansion strategies. He stated, “Our planned investments in logistics and energy remain unaffected.”
GOVERNMENT RESPONSE
India’s foreign ministry broke its silence on the case, emphasizing that the bribery allegations are a legal issue between private entities and the U.S. Department of Justice. Spokesperson Randhir Jaiswal clarified that New Delhi has not been contacted by Washington regarding the indictment.
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Jaiswal stressed that the matter is being handled through established legal protocols and noted that the Indian government had no prior knowledge of the indictment. Opposition parties have used the case to criticize Prime Minister Narendra Modi and his BJP party for allegedly shielding Adani, claims both deny. Modi’s BJP has insisted that the legal process should proceed unhindered.
MARKET REACTION AND AFTERSHOCKS
Adani Group’s stock value plummeted by approximately Ksh.4.4 trillion following the indictment but has since rebounded, reducing losses to Ksh.906 billion. Shares of Adani Green Energy surged by nearly 22% on Friday.
Despite the turmoil, the group has received backing from key stakeholders, including Israel and Abu Dhabi’s International Holding Company, a major foreign investor. However, the indictment’s fallout includes disruptions in India’s parliament, the review of a state power deal, and TotalEnergies’ decision to halt further investments in Adani.
Adani Green postponed a Ksh.77 billion bond issuance and plans a private placement of Ksh.64 billion in February, with CFO Singh announcing a delay in U.S. bond sales to mid-year. The group also aims to repay Ksh.388 billion in debt over the next year, primarily through domestic borrowings.
Additionally, Kenya has canceled a Ksh.259 billion procurement project granting Adani control of its main airport and scrapped a Ksh.95 billion public-private partnership. Indian banks are reassessing their exposure to Adani, with plans to tighten due diligence following the allegations.
Adani CFO Denies Bribery Claims, India Awaits US Action
