Author: Arpan Chaturvedi

NEW DELHI (Reuters) – Adani Group founder Gautam Adani on Saturday responded for the first time to U.S. authorities’ allegations that he was involved in a $265 million bribery scheme, saying his ports and power plant conglomerate had committed to compliance world-class recipes.

The indictment is the second major crisis to hit Adani in just two years, sending shockwaves across India and beyond. One of the Indian states is considering an energy agreement with the group, the French company TotalEnergys (EPA:) decided to suspend its investments, and political disputes around Adani disrupted the work of the Indian parliament.

“Less than two weeks ago, we were faced with a series of allegations from the United States regarding the company’s compliance practices Green Energy Adani (NS:). This is not the first time we have faced such challenges,” Adani said in her speech at the awards ceremony.

U.S. authorities have charged Gautam Adani, his nephew and executive Sagar Adani, and Adani Green managing director Vneet S. Jaain of engaging in a scheme to pay bribes to secure Indian energy contracts and of misleading U.S. investors while raising funds in the country .

The Adani Group denied the allegations, calling them “baseless” and announcing that it would pursue “all possible legal remedies.”

“I can say that every attack makes us stronger and every obstacle becomes a springboard for a more resilient Adani Group,” Adani said in the northern Indian city of Jaipur.

“In today’s world, negative opinions spread faster than facts, and as we navigate the legal process, I want to reaffirm our total commitment to world-class compliance,” he added, without providing further details.

The Adani Group’s financial chief on Friday rejected these allegations, while the Indian government said it had not received any request from the US in this regard.

At one point, the combined market value of Adani Group’s listed companies fell by as much as $34 billion, but the stock rebounded as some partners and investors rallied to the conglomerate’s side.