U.S. Indictment: Independent review found no irregularities, says Adani Green

Adani Green Energy cleared of regulatory non-compliances in U.S. bribery case involving solar energy contracts, pending further proceedings.

Adani Green Energy has said an independent review of its regulatory compliances related to an alleged breach that led to the indictment of founder chairman Gautam Adani and two company executives in a U.S. court, did not find irregularities or non-compliances on the issue.

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In November last year, U.S. authorities charged Adani, his nephew and executive director Sagar Adani and managing director Vneet S Jaain for being involved in an alleged scheme to pay bribes to Indian government officials to win solar energy contracts, and concealed the plan as they sought to raise money from US investors.

In its FY25 earning announcement, Adani Green Energy — the firm at the heart of allegation of $265 million bribes allegedly being paid to Indian officials to secure solar power sale contracts that could bring in $2 billion of profits over 20 year period to the firm — said its holding company has not been named as a defendant in the indictment and civil complaint and the matter was pending for further proceedings.

Adani Group had previously denied all allegations as baseless and said it would seek legal recourse to defend itself.

"To uphold the principles of good governance, the Holding Company (of AGEL) appointed independent law firms to perform an independent review to assess and evaluate related non-compliance, if any, in this matter," the filing said.

"Such independent review also did not identify any non-compliances or irregularities in the matter."