Gautam Adani breaks silence on US allegations to say his group is committed to compliance

By Arpan Chaturvedi

NEW DELHI (Reuters) - Adani Group founder Gautam Adani responded for the first time on Saturday to allegations by U.S. authorities that he was part of a $265 million bribery scheme, saying that his ports-to-power conglomerate was committed to world class regulatory compliance.

"Less than two weeks back, we faced a set of allegations from the U.S. about compliance practices at Adani Green Energy (NS:ADNA ). This is not the first time we have faced such challenges," Adani said in a live-streamed speech at an awards ceremony.

"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 in the northern Indian city of Jaipur.

Adani Group has denied the U.S. allegations, describing them as "baseless" and vowing to seek "all possible legal recourse".



"In today's world, negativity spreads faster than facts, and as we work through the legal process, I want to re-confirm our absolute commitment to world class regulatory compliance," Adani said in his speech, without giving further details.

Adani Group's finance chief on Friday rejected the allegations, while the Indian government said it has not received any U.S. request regarding the case.

Source: Investing.com