Adani Group’s Chief Financial Officer, Jugeshinder Singh, firmly denied allegations of bribery involving government officials to secure contracts. Speaking at a Trust Group event in Mumbai, Singh emphasised that no large payments were made, stating, “If you are paying that much cash to someone, I would certainly know.”
Singh dismissed allegations made in the U.S. against Group Chairman Gautam Adani and others, including his nephew Sagar Adani, as a “unique use of prosecutorial authority.” He clarified that the accusations target individuals and not the group as a whole. Singh assured that those named would contest the charges in the appropriate legal forums.
The CFO also confirmed that the group’s investment and growth plans remain unaffected, with capital already secured. “Our banking partners understand we don’t need their money, which is why it’s available to us,” Singh said. He noted that no banks had sought a review following the recent allegations.
Despite withdrawing a bond sale pending the resolution of the accusations, Singh announced that the group would proceed with a planned private bond placement. He expressed confidence in the group’s financial stability, stating they have sufficient resources to cover debt obligations for the next 30 months, with approximately $3 billion due for repayment in the next year.
Singh also highlighted the group’s efforts to raise more debt in Indian rupees, citing the need for long-term funding for infrastructure projects as a reason for tapping U.S. markets. The group is actively working to deepen domestic market capabilities, including exploring retail issuances.
Addressing reports of a canceled power purchase agreement in Andhra Pradesh, Singh denied any such development. He added that a cancellation would be welcome as it would allow the group to sell power at higher prices.
Singh concluded by reaffirming the group’s respect for U.S. laws and its commitment to cooperate with authorities, avoiding public litigation.
With inputs from PTI
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