Mumbai (Maharashtra) [India], June 2 (ANI): The Adani Group on Monday refuted claims made in a Wall Street Journal report that linked the conglomerate to a purported investigation by U.S. authorities regarding alleged connections with Iranian liquefied petroleum gas (LPG). In a formal filing with Indian stock exchanges, the company described the report as “baseless and mischievous.”
“The Wall Street Journal’s story of June 2, 2025, alleging links between Adani entities and Iranian LPG, is baseless and mischievous,” the company stated. “Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG. Further, we are not aware of any investigation by U.S. authorities on this subject.”
The group emphasized that the article was grounded in “assumptions and speculations” which it asserted were incorrect. It rejected any suggestion that Adani Group entities knowingly violated U.S. sanctions on Iran.
“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 company added. “The rights of Adani Group entities and personnel in this regard are expressly reserved.”
Highlighting its strict compliance policy, the Adani Group clarified that it does not handle any cargo from Iran at any of its ports. “This includes any shipments originating from Iran or any vessels operating under the Iranian flag,” the statement said. “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 group further explained that the LPG trade conducted by its entities complies fully with Indian and international laws, including U.S. sanctions regulations. In FY 2024–25, the group reported total revenue of USD 11,727 million, of which LPG accounted for just USD 171.2 million — about 1.46 percent.
“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,” the statement noted. “Adani purchases LPG on contracts from reputed international suppliers, and due diligence, including Know Your Customer (KYC) checks, are conducted to ensure no engagement with entities or individuals on the U.S. Office of Foreign Assets Control (OFAC) sanctions list.”
The Adani Group stated that logistics for LPG trade are managed by established third-party international suppliers and logistics firms who adhere to global compliance norms. “The supplies are under valid contracts with the supplier, having specific clauses that the product should be from non-sanctioned countries,” the group added.
Regarding the specific shipment mentioned in the Wall Street Journal’s report, the Adani Group said it was handled through a routine commercial transaction by 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,” the group stated. “Whatever the duties and responsibilities of a bona fide importer are, we have fulfilled those.”
The Adani Group concluded by reiterating its commitment to full legal compliance and its intent to safeguard its reputation and interests. (ANI)
About The Author
