If money was paid to take the contract... Adani Group CFO speaks on allegations of corruption

Gautam Adani: Jugeshinder Singh said that the people named in the allegations will respond on the right platform in the case. Singh said that following the allegations made in the US, no bank has approached the group for review.

Bribe Allegations on Gautam Adani: The case of corruption charges against eight people, including Gautam Adani, does not seem to be cooling down yet. Recently, the Adani Group had denied all the allegations. After this, now the group's Chief Financial Officer (CFO) Jugeshinder Singh said that the talk of giving incentives to government officials to get the contract is completely wrong. "I would have known for sure if a large amount had been paid. He said in a conversation with the media in a program, 'I am fully aware that there is no such case. If you are paying someone with such cash, I would have definitely known about it."

Allegations in the US are not an attack on the group

Jugeshinder Singh said the charges against group chairman Gautam Adani and his nephew Sagar Adani among others in the US are a case of "extrajudicial exercise of power". He also said that this is not an attack on the group. He said those named in the allegations will respond to the matter on the right platform. Singh said that following the allegations made in the US, no bank has approached the group for review. Everyone is ready to give whatever the group needs to build the base infra.

Adequate capacity to repay 30 months debt obligations He said, "...

Basically, our bank partners understand that we don't need their money. We don't need it, so it's available to us," he said. At present, the group has enough capacity to service its 30-month debt obligations. He said that about $ 3 billion debt is to be repaid in the next 12 months. He expressed confidence that most banks will finance this loan payment. Singh said that Adani Group's desire is to raise more and more debt in Indian rupees from the domestic markets, but due to lack of long-term infrastructure projects for long term infrastructure projects, it has to go to America.

Adani Group respects US laws...

He said the group is trying to increase the capacity of the domestic markets to support such projects through instruments such as retail issues. He said the Adani Group respects US laws and is cooperating in the matter. The group's CFO said he was with Gautam Adani in London when the allegations became public and he was surprised at it. When asked if Andhra Pradesh has, in fact, cancelled the power purchase agreement with the group, the CFO said nothing of that sort has happened. However, they said that they would be happy with such an incident as it would enable them to sell electricity at a higher price.

Earlier , Jugeshinder Singh, while speaking on X, had said that there is no direct allegation on any company of Adani Group. The entire matter is under investigation and an official response from the group will be given at the appropriate time. He had said that none of the 11 public companies of the Adani Group are "defendant" in the recent DOJ (Department of Justice) legal filings. Many reports and news have not made headlines by linking other cases. He requested that a detailed response from the group on the matter would be given at an appropriate time.