Adani Group chairman Gautam Adani denies any wrongdoing in response to US allegations of bribery, telling shareholders that no individual from the group has been charged under foreign corruption laws.
“Despite all the noise, the facts are that no one from the Adani Group has been charged with violating the FCPA (Foreign Corrupt Practices Act) or conspiring to obstruct justice,” the billionaire said at the company’s annual general meeting on Tuesday.
“Even in the face of the storms and relentless scrutiny, the Adani Group has never backed down,” he said.
In November, US authorities indicted Adani and several executives, alleging they paid bribes to secure Indian power contracts and misled US investors.
The Adani Group has rejected the allegations as “baseless” and said it was co-operating with legal processes.
Adani Group and its 13 offshore investors have been facing an investigation by the Securities and Exchange Board of India since Hindenburg Research in 2023 alleged the group’s improper use of tax havens.
The group has consistently denied any wrongdoing.
The company, which is building the world’s largest renewable energy park in Khavda, western India, aims to install 50 gigawatts of renewable capacity by 2030.
With combined thermal, renewable and pumped hydro assets, Adani Group expected to reach a total power generation capacity of 100GW by 2030, Adani said.
Adani also announced a record capital expenditure plan, saying the group expects to invest between $US15 billion ($A23 billion) and $US20 billion annually over the next five years.
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