NEW DELHI — Prominent Indian businessman Gautam Adani has reaffirmed his conglomerate’s promise to uphold “world-class regulatory compliance” following serious allegations of fraud and bribery emerging from the United States. These comments mark his first public response to the accusations, which he has faced since they became known.
At 62, Adani stands among the wealthiest individuals in Asia and is often viewed as a close ally of Indian Prime Minister Narendra Modi. His name came under heavy scrutiny on November 20, when U.S. prosecutors in New York charged him along with seven associates with a range of serious offenses, including securities fraud and conspiring to mislead investors. They are accused of failing to disclose that a significant solar energy project in India was allegedly backed by bribery.
Reports indicate that the charges suggest Adani and his associates had either paid or intended to pay roughly $265 million in bribes to secure deals and financing for projects valued in the billions.
Addressing an audience at an awards function in Jaipur on Saturday, Adani remarked, “This is not the first time we have faced such challenges. Every attack only makes us stronger; each obstacle transforms into a stepping stone for a more resilient Adani Group.” He further elaborated that the hurdles his company faces are merely “the price of pioneering,” saying, “The bolder your dreams, the more intense the scrutiny from the world.” He emphasized that negativity tends to spread faster than true facts and reiterated his commitment to regulatory compliance as the legal proceedings unfold.
The Adani Group has defended itself vigorously, describing the charges from the U.S. Department of Justice and the U.S. Securities and Exchange Commission as unfounded.
The influence of the Adani Group permeates various sectors of the Indian economy. As the largest coal mine operator and infrastructure developer in the country, the group manages numerous ports and airports while providing jobs for tens of thousands. Despite his background in fossil fuels, Adani aims to position his group as a dominant force in renewable energy by the year 2030.
Some analysts attribute Adani’s rapid success to his ability to align his company’s goals with those of the Modi administration. Critics, however, have accused him of cronyism and unfair advantages granted by the state, which they argue has led to his acquiring favorable government contracts. The Adani Group has consistently refuted such claims.
The swirling controversy has already cast a shadow over Adani’s ventures abroad. For instance, on November 21, Kenya’s president withdrew multimillion-dollar projects with the Adani Group involving airport renovations and energy initiatives. In Sri Lanka, a government representative stated that they are reevaluating potential projects initiated by the conglomerate, which had plans to invest over $440 million to develop wind power and construct a terminal at the Colombo port. Similarly, Bangladesh’s interim government is also reassessing a deal involving electricity supply from an Adani-run power project in India.
