'Baseless, Mischievous': Adani Group Denies Report Of US Probe Into Alleged Iranian LPG Links

The Adani Group on Monday denied a Wall Street Journal report of alleged links between Adani entities and Iranian LPG, calling it "baseless and mischievous".

"Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG," Adani Enterprises said in a stock exchange filing. The group also said it is not aware of any investigation by the US authorities into this matter.

"The WSJ's story appears to be based entirely on incorrect assumptions and speculation. Any suggestion that Adani Group entities are knowingly in contravention of US sanctions on Iran is strongly denied," the company said, adding such an assertion "would not only be slanderous but also deemed to be an intentional act to injure the reputation and interests of the Adani Group".

By policy, the Adani Group does not handle any cargo from Iran at any of its ports, including 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 said.

The shipment referred to in the 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, the group said.

Adani Enterprises highlighted that the LPG segment amounted to barely 1.46% of its total consolidated revenue and the trade conducted by Adani entities is fully compliant with applicable domestic and international laws, including US sanctions regulations.

"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.

Disclaimer: NDTV is a subsidiary of AMG Media Networks Ltd, an Adani Group Company.

Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.