Daijiworld Media Network – Ahmedabad

Ahmedabad, Jun 24: Adani Group Chairman Gautam Adani on Tuesday firmly rejected allegations of bribery by US authorities, stating no individual from the conglomerate has been charged under the US Foreign Corrupt Practices Act (FCPA). Addressing shareholders at the company’s annual general meeting, Adani said the group remains steadfast despite global scrutiny.

“Despite all the noise, the facts are that no one from the Adani Group has been charged with violating the FCPA or conspiring to obstruct justice,” Adani said. “Even in the face of storms and relentless scrutiny, the Adani Group has never backed down.”

In November last year, US authorities had indicted Adani and several executives, accusing them of bribery to secure Indian power contracts and misleading US investors. The group has labelled the allegations “baseless” and maintained it is cooperating with legal proceedings.

The group, along with 13 offshore investors, is also under investigation by SEBI following the 2023 Hindenburg Research report, which accused the conglomerate of improper use of tax havens—allegations the company has consistently denied.

Adani used the AGM platform to highlight the group’s ambitious expansion plans. He said the company is developing the world’s largest renewable energy park in Khavda, Gujarat, and aims to install 50 GW of renewable capacity by 2030. Including its thermal, renewable, and pumped hydro projects, the group expects to reach 100 GW in total power generation capacity by the end of the decade.

He also announced a record capital expenditure plan, with the group set to invest between $15 billion and $20 billion annually over the next five years.