Indian billionaire Gautam Adani defended his business empire Saturday, pledging “absolute commitment to world-class regulatory compliance” in his first public comments since U.S. prosecutors charged him with fraud and operating a multimillion-dollar bribery scheme.
“This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger,” Adani, 62, told an awards ceremony in Jaipur, calling such obstacles “the price of pioneering.”
The November 20 indictment by New York prosecutors charges Adani and seven associates with securities fraud and wire fraud, alleging they concealed that his company’s massive solar energy project was facilitated by approximately $265 million in bribes to government officials.
The scandal has triggered international fallout for Adani’s business interests. Kenya’s president canceled multimillion-dollar airport modernization and energy deals, while Sri Lanka is reviewing the group’s planned $440 million investment in wind power and port development. Bangladesh is also reassessing an electricity supply agreement.
The Adani Group, India’s largest operator of coal mines and infrastructure developer, denied the U.S. Department of Justice and Securities and Exchange Commission allegations as “baseless.” Adani, perceived as close to Prime Minister Narendra Modi, has faced previous accusations of crony capitalism and receiving preferential treatment in government contracts, which his group consistently denies.
“In today’s world negativity spreads faster than facts,” Adani said Saturday. “And as we work through the legal process, I want to reconfirm our absolute commitment to world-class regulatory compliance.”
Analysts attribute Adani’s rapid rise partly to his alignment with Modi government priorities. His conglomerate operates multiple ports and airports, employs tens of thousands, and aims to become the world’s largest renewable energy player by 2030, despite its fossil fuel origins.
