Adani group denies US media report linking it to US investigations over links to Iranian LPG

MUMBAI: The Adani group has denied a report published in the Wall Street Journal (WSJ) that linked it to a fresh investigation by US authorities over alleged links with Iranian LPG. The group further claimed that the report was based on assumptions and speculations which were incorrect.

In a filing with the stock exchanges on Monday, the Group said, “The Wall Street Journal’s story of 2nd June 2025, alleging links between Adani entities and Iranian LPG, is baseless and mischievous. Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG. Further, we are not aware of any investigation by US authorities on this subject.”

“Any suggestion that Adani Group entities are knowingly in contravention of US sanctions on Iran is strongly denied. Any assertion to the contrary would not only be slanderous but also deemed to be an intentional act to injure the reputation and interests of the Adani Group. The rights of Adani Group entities and personnel in this regard are expressly reserved. By policy, the Adani Group does not handle any cargo from Iran at any of our ports. This includes any shipments originating from Iran or any vessels operating under the Iranian flag. Additionally, the Adani Group does not manage or facilitate any ships whose owners are Iranian. This policy is strictly adhered to across all our ports”, the statement read.

The Adani group said that all LPG trade conducted by its companies are compliant with both Indian and international laws.

“$11,727 million in FY24-25, the revenue from the LPG segment amounted to just $171.2 million — barely 1.46 pc of the total. Even while LPG constitutes a very small and operationally non-material component of our overall revenue, all LPG trade conducted by Adani entities is fully compliant with applicable domestic and international laws, including US sanctions regulations. In that regard, Adani purchases LPG on contracts from reputed international suppliers.

“As an importer of LPG, the appropriate due diligence and KYC of the suppliers is undertaken to ensure that the entities/persons are not on the OFAC sanctions list. The logistics of LPG trade are managed by well-established third-party international suppliers and logistics firms, which manage shipping in accordance with global compliance standards. The supplies are under valid contracts with the supplier having specific clauses that the product should be from non-sanctioned countries”, the statement said.

The group said that the shipment referred to in WSJ’s story was handled through a routine commercial transaction via third-party logistics partners and was supported by documentation identifying Sohar, Oman, as the port of origin.

“We again state that we do not own, operate or track vessels (including the alleged SMS Bros/Neel) and cannot comment on the current or past activity of vessels we have not contracted and do not control. Whatever the duties and responsibilities of a bona fide importer are, we have fulfilled those,” the statement said. (ANI)