Adani Green appoints independent law firms to review US indictment

Adani Green has appointed independent law firms to review the US indictment of founder Gautam Adani and top Adani Green executives of paying Rs 2,286 crore ($265 million) in bribes for power contracts, it said late on Thursday.

The appointment of the law firms was announced in a 33-page earnings regulatory filing made by Adani Green late on Thursday, where it did not disclose the names of the firms, but said it continued to assert the company's compliance of applicable laws and regulations.

In November, US authorities indicted Adani, his nephew and Executive Director Sagar Adani and Managing Director Vneet S. Jaain, alleging that they paid bribes to secure Indian power supply contracts, and misleading U.S. investors during fund raises there.

The Adani Group has denied the charges, calling them "baseless."

A key focus of the US investigation is a 2021 solar energy deal in Andhra Pradesh state, where the Solar Energy Corporation of India awarded a major renewables contract.

The deal, approved within 57 days, bypassed concerns raised by finance and energy officials over its value and potential financial strain on the state, ultimately benefiting Adani Green Energy, Reuters reported last month.

The company has not been named as a defendant in the indictment and civil complaint, and said on Thursday it had made all appropriate disclosures in the past including in bond offering circulars.

The US bribery allegations had raised concerns among some partners and investors of the group, with at least one Indian state reviewing its power deal with Adani, and TotalEnergies halting further investments in the conglomerate.

Shares of Adani Green, which have lost over 27 per cent since the US indictment, were down 0.5 per cent as of 05:54 GMT.