'Baseless': Adani Group vows to take legal recourse after US bribery indictment

New Delhi: Adani group on Thursday denied charges of paying bribe to secure favourable terms for solar power contracts, saying the allegations by US prosecutors are baseless and the conglomerate is compliant with all laws.

It said all possible legal recourse will be sought.

"The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied," the group spokesperson said in a statement.

Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of a scheme to pay over $250 million (about Rs 2,100 crore) bribe to Indian officials in exchange of favourable terms for solar power contracts.

An arrest warrant has also been issued against the tycoon and his nephew Sagar.

Commenting on the development, the spokesperson pointed to US Department of Justice statement that said "the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty".

"The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws," the spokesperson added.