USISPF Welcomes Settlement Of Adani Cases; Will Boost Indo-US Business Ties

Washington: The US Department of Justice’s resolution in the case involving Adani Enterprise brings closure to the ongoing legal matter, which has been a distraction to the otherwise strong US-India economic partnership, Mukesh Aghi, President and CEO of US-India Strategic Partnership Forum, said here.

He said Adani Enterprise’s commitment to invest USD 10 billion builds on Ambassador Sergio Gor’s recent announcement that Indian companies plan to invest more than USD 20.5 billion across various sectors in the United States.

“At USISPF, we firmly believe these investments underpin Indian companies’ desire to be strong partners in the United States. They will build on existing collaboration, further advance job creation, strengthen infrastructure, and boost long-term bilateral economic growth,” Aghi said.

Adani Group on Monday agreed to pay USD 275 million to settle allegations of violating US sanctions on Iran, with the US Treasury Department’s Office of Foreign Assets Control (OFAC) saying the Indian conglomerate extended “extensive cooperation” in the investigation and made “proactive” disclosures.

The Department of Justice also permanently dropped all criminal charges against Indian tycoon Gautam Adani and his nephew Sagar, bringing a high-profile securities and wire fraud case in New York to a complete close after prosecutors concluded they could not sustain the allegations.