WASHINGTON: One of Indian billionaire industrialist Gautam Adani&#39;s companies will pay the United States $275 million to settle a probe into whether it violated Washington&#39;s sanctions on Iran, the US Treasury said Monday. The Office of Foreign Assets Control (OFAC) said the agreement had been reached with Adani Enterprises Limited (AEL), part of the magnate&#39;s sprawling multinational conglomerate. &quot;AEL agreed to settle its potential civil liability for 32 apparent violations of OFAC&#39;s Iran sanctions,&quot; the Treasury said, pointing to AEL&#39;s purchases of liquefied petroleum gas (LPG) between November 2023 and June 2025. Monday&#39;s announcement came days after Adani agreed to pay a separate $18 million settlement in a US civil court case linked to corruption, without admitting guilt, according to one of his other companies. In that case, Adani was accused of participating in an estimated $250 million scheme to bribe Indian officials to secure lucrative solar energy supply contracts. Monday&#39;s US settlement announcement said AEL had cooperated with OFAC&#39;s probe and agreed to additional nonmonetary remedial measures to strengthen compliance with US sanctions. The probe focused on LPG imports arranged through a Dubai-based supplier that claimed to be exporting Omani and Iraqi gas, OFAC said. &quot;Red flags should have put AEL on notice that the LPG actually originated from Iran,&quot; the statement said. Adani Enterprises confirmed the settlement in a stock exchange filing made on Monday, saying the agreement was executed on May 14. The Adani Group is one of India&#39;s largest business empires, operating businesses ranging from ports and power plants to cement factories and media houses. Adani, one of India&#39;s richest men, has been rocked in recent years by corporate fraud allegations and a stock crash. Adani is a close ally of Indian Prime Minister Narendra Modi and hails from the leader&#39;s home state of Gujarat. India is the world&#39;s second-largest buyer of LPG, and the fourth-largest buyer of liquefied natural gas, much of which is sourced through the Middle East.

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Billionaire industrialist Gautam Adani's companies will pay the United States $275 million to settle a probe into whether they violated Washington's sanctions against Iran.

India's Adani to pay $275M settlement to US over alleged Iran sanctions violations

Web Desk

ISLAMABAD: Adani Enterprises Ltd., part of India&rsquo;s Adani Group, said it is cooperating with US authorities after receiving a request for information regarding alleged imports of Iranian oil products, US media reported.&nbsp;The company said the inquiry follows a media report by the Wall Street Journal last June, which claimed that Adani-controlled firms imported Iranian <a href="https://www.pakistantv.com/article/pakistan-evacuates-27member-ship-crew-amid-israeli-strikes-in-yemen" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">liquefied petroleum gas</a> (LPG) through the Mundra port, potentially raising sanctions concerns, according to Bloomberg.&nbsp;The report mentions that Adani received the request from the US Treasury Department&rsquo;s Office of Foreign Assets Control on February 4 and stressed that it is fully cooperating with officials.&nbsp;&nbsp;The company added that the matter has no financial impact, as LPG accounted for just 1.46% of its revenue and 0.5% of the group&rsquo;s total revenue for the fiscal year ending March 2025.&nbsp;The group said it stopped all LPG imports last June &ldquo;out of abundant caution.&rdquo; Shares of Adani Enterprises fell as much as 3.5% following the news.&nbsp;The development adds to ongoing <a href="https://www.pakistantv.com/article/us-sec-asks-court-to-bypass-indian-government-to-serve-adani" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">scrutiny of the conglomerate</a>, which has faced previous US investigations and allegations of market manipulation, all of which the group has denied.

Stop Adani protest outside Josh Frydenberg's Camberwell office. (File photo: Wikimedia Commons/ Julian Meehan)

India

Mentions that Adani Enterprises received the request from the US Treasury Department’s Office of Foreign Assets Control on February 4 and stressed that it is fully cooperating with officials.

India's Adani says cooperating with US over Iran oil imports: Report

DHAKA: A Bangladesh government committee said on Monday it had found &quot;egregious anomalies&quot; in a billion-dollar cross-border electricity supply deal with Indian conglomerate Adani, providing around 10 percent of the country&#39;s power.&nbsp;Dhaka&#39;s review committee on power deals is investigating contracts agreed during the now-ousted government of Sheikh Hasina, a close ally of India, who was overthrown in an August 2024 uprising.&nbsp;Relations between Bangladesh and neighboring India have soured since.&nbsp;The National Review Committee on Power Purchase Agreements said it had found &quot;examples of egregious anomalies&quot;, that meant the state-owned Bangladesh Power Development Board (BPDB) was paying up to 50 percent more than it should.&nbsp;&quot;These wrong decisions are not mistakes,&quot; the report said.&nbsp;&quot;They suggest systematic collusion between businesses, politicians and bureaucrats to award overpriced and unnecessary contracts in order to deliberately create huge excess profits that are then shared between these parties.&quot;&nbsp;Adani&#39;s coal-fired Godda plant in India&#39;s Jharkhand state -- a $2 billion project including transmission lines that opened in 2024 -- supplies between seven and 10 percent of Bangladesh&#39;s baseload power demand of 13 GW for its 170 million people.&nbsp;&quot;For the Adani Godda imported power contract, we conservatively estimate overpricing of 4-5 cents per kWh (kilowatt hour), which means the price being paid is roughly 50 percent higher than what it should be,&quot; the report said.&nbsp;Bangladesh pays Adani $1 billion annually under the 25-year contract. The report said BPDB suffered losses of $4.13 billion in 2024-25.&nbsp;Adani Power said it had not seen the report, but said it supplied &quot;amongst the most competitively priced&quot; power -- and demanded Dhaka&#39;s government now pay up the cash it owes it for the energy it had supplied.&nbsp;&quot;We have continued to honor our supply commitment despite large receivables, when many other generators have cut back or even stopped supplies,&quot; the spokesman said.&nbsp;&quot;We urge Bangladesh government to liquidate our dues at the earliest as this is impacting our operations.&quot;&nbsp;The Dhaka committee said it was &quot;essential&quot; for contracts to be examined.&nbsp;&quot;The BPDB and the government should cancel contracts where direct evidence of corruption is found and there must be renegotiation of prices and terms with all private parties to reduce prices to market-competitive levels,&quot; the report read.&nbsp;The South Asian nation votes on February 12 to elect a new parliament and fresh leadership after prolonged turmoil following the ouster of Hasina&#39;s government, that has reshaped domestic politics and regional dynamics.

Bangladesh

Bangladesh review finds egregious anomalies in a billion-dollar Adani power deal, alleging collusion, 50% overpricing and heavy losses, amid strained India ties after Hasina’s ouster.

Bangladesh review alleges huge overpricing of Indian electricity

NEW DELHI: India&#39;s Prime Minister Narendra Modi on Wednesday inaugurated a new international airport in the financial capital Mumbai, marking a step forward in expansion of the country&rsquo;s fast-growing aviation network. Built by business conglomerate Adani Group at an estimated cost of $2.2 billion, the first phase of Navi Mumbai International Airport is expected to commence operations in December as a key passenger and cargo hub in Asia. It will also help ease congestion at the city&rsquo;s existing Chhatrapati Shivaji Maharaj International Airport, one of the country&rsquo;s busiest. Mumbai is the only metropolitan city in India to have a second international airport. &ldquo;It&rsquo;s a reflection of a nation that is growing,&rdquo; Modi said in a speech. The Navi Mumbai airport will have a capacity of up to 20 million passengers annually and up to 90 million over the next few years when all the four planned terminals are operational, the Adani Group said in a statement. It will be the first airport in India planned to be connected by water taxis in addition to high speed rail, underground metro trains, roads and highway networks.

Indian Prime Minister Narendra Modi inaugurated the $2.2 billion Navi Mumbai International Airport, built by Adani Group. Set to open in December, it will ease congestion, handle 20 million passengers annually, and feature water taxi connectivity

Articles tagged with "Adani Group"

India's Adani to pay $275M settlement to US over alleged Iran sanctions violations

India's Adani says cooperating with US over Iran oil imports: Report

Bangladesh review alleges huge overpricing of Indian electricity

New Mumbai airport built by Adani Group inaugurated