Adani Green US Indictment: Gautam Adani Led Group Shares Update - See Details

Adani Green Energy has appointed independent law firms to investigate a U.S. indictment that accuses founder Gautam Adani and top executives of paying $265 million in bribes to secure power contracts. 
The company announced the move in a regulatory filing late Thursday. The filing did not disclose the names of the law firms but reiterated its commitment to complying with applicable laws and regulations.

In November, U.S. authorities charged Adani, his nephew and Executive Director Sagar Adani, and Managing Director Vneet S. Jaain, accusing them of bribing officials to obtain Indian power supply contracts and misleading U.S. investors during fundraising efforts. The Adani Group has denied the allegations, labeling them "baseless."

A key focus of the investigation involves a 2021 solar energy deal in Andhra Pradesh, where the Solar Energy Corporation of India awarded a significant renewable energy contract to Adani Green Energy. The deal was approved in just 57 days, despite concerns from finance and energy officials about its value and potential financial strain on the state. According to Reuters, the deal ultimately benefited Adani Green.

Although Adani Green has not been named as a defendant in the indictment or civil complaint, the company has stated that it made all necessary disclosures in past bond offering circulars. The bribery allegations have sparked concern among some investors and partners, with at least one Indian state reviewing its power deal with Adani and TotalEnergies.

Shares of Adani Green have fallen more than 27 per cent since the US indictment and were down by 0.5 per cent as of 0554 GMT on Thursday.