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Adani CFO says execs have not carried out bribery

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Indian govt says not part of "conversation" at this point

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U.S. authorities accused Adani execs, others of $265

bribery

scheme

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Adani Group shares rebound further on Friday

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U.S. bond sale to be delayed to as late as June - CFO

By Dhwani Pandya, Shilpa Jamkhandikar and Shivam Patel

MUMBAI/NEW DELHI, Nov 29 (Reuters) - The finance chief

of India's Adani Group on Friday rejected U.S. allegations that

executives, including Chairman Gautam Adani, were part of a $265

million bribery scheme, while the Indian government said it has

not received any U.S. request on the case.

U.S. authorities accused Adani, one of the world's richest

people, his nephew and executive director Sagar Adani as well as

managing director of Adani Green, Vneet S. Jaain, of being part

of a scheme to pay bribes of $265 million to secure Indian solar

power supply contracts.

"We reject all of this strongly on behalf of

the individuals," Adani Group CFO Jugeshinder Singh told

reporters on the sidelines of an event in Mumbai.

"We know for sure, 100%, that nothing of this sort happened.

If we were paying that amount of cash to someone I would

certainly know, so we know nothing happened," Singh said.

The ports-to-power conglomerate has previously denied the

charges, made earlier this month, as "baseless" and vowed to

seek "all possible legal recourse".

Singh said that the group would not be taking any action on

the U.S. indictment, but that the accused individuals would

clarify on the allegations over the next 10 days after seeking

legal advice.

Gautam Adani, Sagar Adani and Vneet Jaain did not

immediately respond to Reuters' requests for comment on the

CFO's statement.

Singh also sought to allay concerns about any impact from

the allegations to the group's expansion plans. "No planned

acquisition will be on hold... nothing will impact our

investment plans in logistics and energy," he said.

GOVERNMENT REACTION

India's foreign ministry, in the country's first official

reaction to Adani's indictment, said on Friday that bribery

allegations against the billionaire was a legal issue between

private companies and the U.S. Department of Justice and that

New Delhi has not received any request on the case from

Washington.

"This is a legal matter involving private firms and

individuals and the U.S. Department of Justice," Indian foreign

ministry spokesperson Randhir Jaiswal told reporters at a weekly

media briefing. "There are established procedures and legal

avenues in such cases which we believe would be followed."

The Indian government was not informed in advance about the

indictment and is not part of the "conversation" at this point,

Jaiswal said.

The indictment has sparked political wrangling in India as

many opposition parties accuse Prime Minister Narendra Modi and

his Bharatiya Janata Party (BJP) of favouring Adani and blocking

investigations against him in India, accusations both have

denied.

While the government had not made any comment on the

indictment so far, Modi's BJP has said it had no reason to

defend Adani and that the law will take its course.

FALLOUT

Adani Group shares lost about $34 billion in value after the

U.S. indictments, but have recovered sharply this week, with

total losses now at just over $7 billion.

Shares of Adani Green Energy, the company at the

centre of the indictment, jumped nearly 22% on Friday.

The group has received public backing from Israel, where it

has investments, and the Abu Dhabi's International Holding

, its key foreign investor.

The U.S. indictment has also had major ripple effects: At

least one Indian state is reviewing its power deal with Adani,

India's parliament has been disrupted amid political uproar and

TotalEnergies has decided it will not make any more

investments in the group.

Adani Green also shelved a $600 million bond issue. CFO

Singh said on Friday the U.S. bond sale would be delayed to as

late as June and that the company will instead look for a

private placement of $500 million around February.

Adani Group will repay roughly $3 billion in debt due over

the next 12 months mainly through rupee borrowings, Singh added.

Kenya has scrapped a $2 billion procurement project that was

to give Adani control of the country's main airport and it

shelved a 30-year, $736-million public-private partnership.

Indian banks are also reviewing their exposure to the group

and whether they need to tighten due diligence, bankers said on

Thursday in the wake of the allegations.