no-bribes-paid-i-d-know-if-large-cash-paid-adani-cfo

Adani Group's Chief Financial Officer, Jugeshinder Singh, denied allegations of bribery to secure contracts, asserting that he would have been aware if any large sums had been paid.

 

Speaking at a Trust Group event on Friday, he dismissed the claims made in the US against Group chairman Gautam Adani and his nephew Sagar Adani, calling them a case of "unique use of prosecutorial authority" rather than an attack on the group.

 

Singh stated that those named in the allegations would respond and contest the charges through the appropriate legal channels.

 

The group remains committed to its investment and growth plans, with Singh emphasising that capital is already secured for ongoing projects.

 

He also confirmed that no banks have reached out to the group following the US allegations, as their banking partners understand that the group does not require external funding.

 

Singh clarified that the group had paused an ongoing bond sale due to the allegations but would proceed with a planned private bond placement.

 

He expressed confidence in the group’s ability to meet its debt obligations, noting it could repay 30 months’ worth of debt, with USD 3 billion due over the next 12 months, most of which he expects to be refinanced by banks.

 

Regarding the group's funding strategy, Singh stated that while it aims to raise as much debt as possible domestically in Indian rupees, the lack of long-tenor financing for large infrastructure projects often leads them to seek funding from the US.

 

However, he mentioned that efforts are underway to develop domestic markets' capacity to support such projects, including through retail issuances.

 

The CFO reiterated that the group has been systematically refuting the allegations with legal counsel and more substantial denials are expected in the coming days.

 

Singh also expressed the group's respect for US laws and confirmed they are fully cooperating with investigations, but stressed they do not wish to litigate the matter in the public domain.

 

On the issue of a reported power purchase agreement cancellation in Andhra Pradesh, Singh denied the claim, stating that no such event had occurred. However, he added that he would welcome such an eventuality, as it would allow the group to sell power at a higher price.