Adani Green on bribery charge: ‘Aware of US probe into third party, has no relationship’

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Adani Green, a renewable energy firm owned by Adani Group, said it was aware of an investigation by the United States Department of Justice into potential violations of United States anti-corruption laws by a third party.

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 U.S. in respect of the allegation,” Adani Green said in an exchange filing.

Bloomberg recently reported that US investigators were 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.

Adani Green, a renewable energy firm owned by Adani Group, said it was aware of an investigation by the United States Department of Justice into potential violations of United States anti-corruption laws by a third party.

However, it said the company has no relationship with the said third party and

“is thus unable to comment on the scope of the present United States investigation that the Company or any of its personnel are subject to or exposed to in connection with the Company’s alleged dealings with the third party”.

The Bloomberg report said the United States was also looking at Indian renewable energy company Azure Power Global.

In separate statements, Adani Wilmar, Adani Enterprises, Adani Ports, Adani Power, and Adani Energy Solutions said the report was “false”.

In a note, JP Morgan analysts said the Adani Group would face limited financial or fundamental impact from the investigation.

Shares of Adani Green declined 2.6% lower to settle at Rs 1,821.70 on Monday.

  • Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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