Adani Green Energy Appoints Law Firms To Investigate US Indictment

The Adani Group firm Adani Green Energy has appointed independent law firms to investigate a US indictment that accuses the founder of the conglomerate, Gautam Adani and its top executives of paying $265 million in bribes to secure power contracts.

Adani Green Energy Limited (AGEL) said in a regulatory filing late on Thursday that the firm has appointed independent law firms. The filing, however, did not disclose the names of the law firms but reiterated its commitment to complying with applicable laws and regulations.

Gautam Adani, his nephew and Executive Director Sagar Adani, and Managing Director Vneet S. Jaain, were charged by the US authorities in November as they were accused of bribing officials to obtain Indian power supply contracts and misleading US investors during fundraising efforts.

The Adani Group has, however, denied these charges as "baseless."

One key focus of the investigation involves a 2021 solar energy deal in Andhra Pradesh, wherein the Solar Energy Corporation of India awarded a significant renewable energy contract to Adani Green Energy.

This deal was approved in just 57 days, despote concerns from finance and energy officials about its value and potential financial strain. The deal ultimately benefited Adani green, according to a Reuters report.

Though Adani Green has not been named as a defendant in the indictment or civil complaint, the company has stated that it made all necessary disclosures in the previous bond offering circulars.

The allegations of the bribery have sparked concern among some investors and partners, with at least one Indian state reviewing its power deal with Adani and TotalEnergies.

Shares of Adani Green have fallen more than 27 per cent since the US indictment and were down by 0.5 per cent as of 0554 GMT on Thursday.