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Adani denies allegations of US probe

Updated – March 19, 2024 at 09:07 PM.

The company states that it has not received any notice from the Department of Justice of U.S. in respect of the allegation


The company states that it has not received any notice from the Department of Justice of U.S. in respect of the allegation
| Photo Credit:
cueapi

Adani Green Energy on Tuesday said it was aware of a US investigation into potential violations of anti-corruption laws by a third party, but denied any relationship with the entity.

“The company states that it has not received any notice from the Department of Justice of US in respect of the allegation,” Adani Green said in an exchange filing.

US investigators are understood to be probing whether an Adani entity or individuals linked to the company, including founder Gautam Adani, were involved in paying officials in India for favourable treatment on an energy project.

Meanwhile, JP Morgan said Adani group would likely face limited financial or fundamental impact from the investigation. “ Overall, as details are very scant and the investigation itself might not lead to any successful prosecution, with likely limited potential financial/fundamental impact, we do not make changes to our recommendations at this stage for the Adani Group,” JP Morgan said in a report.

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