E-Paper
Adani Enterprises says working with US in Iran oil sanctions probe
According to a WSJ report, Adani Enterprises imported Iranian oil products into India despite US sanctions in place.
Adani Enterprises Ltd. said the US has sought information from the company after a media report alleged it imported Iranian oil products into India, raising potential sanctions concerns.
The company initiated discussions with the Treasury Department’s Office of Foreign Assets Control following the Wall Street Journal’s article last June, according to a regulatory filing Tuesday. Adani received the request for information on Feb. 4 and stressed it is cooperating fully with US authorities.
Shares of Adani Enterprises, the flagship company within the Adani Group, fell as much as 3.5% on Tuesday.
WSJ had reported that companies controlled by billionaire Gautam Adani were being probed by US prosecutors about imports of Iranian liquefied petroleum gas through the Group’s port in Mundra. Iran’s oil trade has long been subject to sanctions by Washington.
The inquiry adds to ongoing scrutiny of the conglomerate, including a US bribery probe in which the group’s chairman has been indicted. It follows earlier allegations of market manipulation by short-seller Hindenburg Research in 2023, which had already pressured investor confidence. Adani has denied any wrongdoing.
Read More: Here Are the US Charges Against Indian Billionaire Gautam Adani
Adani said the latest matter has no financial impact, noting that LPG accounted for just 1.46% of the company’s revenue and 0.5% of the Group’s overall revenue in the fiscal year ended March 2025.
Out of “abundant caution,” the company said it ceased all LPG imports effective last June.
