May 19, 2024 03:32 (IST)
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Adani Green Energy rubbishes links with US probe involving 'third party'
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Adani Green Energy rubbishes links with US probe involving 'third party'

India Blooms News Service | @indiablooms | 19 Mar 2024, 11:51 pm

Mumbai: Adani Green Energy on Tuesday said that it is aware of a US inquiry into potential breaches of anti-corruption statutes involving a separate entity but refuted any association with said entity, Reuters reported.

This statement from Adani comes after recent reports by Bloomberg News said that US authorities are investigating the potential involvement of an Adani entity or individuals associated with the company, including its founder Gautam Adani, in alleged payments to Indian officials to secure favourable treatment for an energy project, it said.

Adani Green Energy further stated that it had not been formally notified by the US Department of Justice regarding the allegations outlined in the report. Adani declined to provide any further information in response to Reuters' inquiry about the third party.

The Bloomberg report also mentioned that the United States was investigating Indian renewable energy firm Azure Power Global, according to the report.

In separate statements, Adani Wilmar, Adani Enterprises, Adani Ports, Adani Power, and Adani Energy Solutions refuted the report, deeming it as "false".

JP Morgan analysts, in a note, maintained their recommendations on the Adani Group, suggesting that the investigation would likely have minimal financial or fundamental consequences for the conglomerate.

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