India’s Adani Green Energy has announced that its independent review concerning the US indictment of its founder and top executives has found no evidence of non-compliances or irregularities.
In a stock exchange filing, Adani Green stated: “To uphold the principles of good governance, the holding company appointed independent law firms to perform an independent review to assess and evaluate related non-compliance, if any, in this matter. Such independent review also did not identify any non-compliances or irregularities in the matter.”
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The US authorities had indicted Gautam Adani and senior executives in November 2024, alleging a $250m bribery scheme to secure power contracts and misleading US investors while raising funds.
In response to the US indictment, Adani Green Energy appointed independent law firms in January to conduct a thorough review, as reported by Reuters.
The company does not foresee any material impact on the holding company and the group from the US proceedings.
The US Securities and Exchange Commission (SEC) has sought assistance from Indian authorities in February for its investigation into the matter.
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By GlobalDataAdani Green Energy has re-appointed Vneet Jaain as managing director for another five-year term and Raminder Singh Gujral as an independent director for a second three-year term, effective from 10 July 2025.
Jaain, who has been with the company for 15 years, has “spearheaded on group’s strategy for its energy and infrastructure business and has been instrumental in growing various businesses from conceptualisation to operation.”
In February 2025, Adani Green Energy withdrew from two proposed wind power projects in Sri Lanka, following discussions with the country’s government on lowering the cost of power generation.
The decision came after Colombo, Sri Lanka’s capital and seat of legislation, indicated its intention to lower the cost of power to $0.06 per kilowatt hour or under from the earlier quoted rate of $0.08.
