ISLAMABAD: Adani Enterprises Ltd., part of India’s Adani Group, said it is cooperating with US authorities after receiving a request for information regarding alleged imports of Iranian oil products, US media reported.
The company said the inquiry follows a media report by the Wall Street Journal last June, which claimed that Adani-controlled firms imported Iranian liquefied petroleum gas (LPG) through the Mundra port, potentially raising sanctions concerns, according to Bloomberg.
The report mentions that Adani received the request from the US Treasury Department’s Office of Foreign Assets Control on February 4 and stressed that it is fully cooperating with officials.
The company added that the matter has no financial impact, as LPG accounted for just 1.46% of its revenue and 0.5% of the group’s total revenue for the fiscal year ending March 2025.
The group said it stopped all LPG imports last June “out of abundant caution.” Shares of Adani Enterprises fell as much as 3.5% following the news.
The development adds to ongoing scrutiny of the conglomerate, which has faced previous US investigations and allegations of market manipulation, all of which the group has denied.
