Feb 10 (Reuters) – Adani Enterprises said on Tuesday that a U.S. agency is conducting a civil investigation into the company’s transactions that may have involved Iran or parties subject to U.S. sanctions.
The flagship firm of billionaire Gautam Adani-led group said it received a request for information from the U.S. Treasury’s Office of Foreign Assets Control (OFAC) on February 4, following voluntary discussions over a Wall Street Journal report from June 2025 that alleged Adani-linked firms imported Iranian liquefied petroleum gas into India using shipping routes that may have been designed to evade U.S. sanctions.
WSJ had also said in the report that Gautam Adani was trying to get U.S. President Donald Trump’s administration to drop bribery charges against him in a separate case.
At the time of the report, Adani Enterprises had strongly denied “any deliberate engagement” in sanctions evasion or trade involving Iranian-origin liquefied petroleum gas.
On Tuesday, the firm said it had “proactively and voluntarily” initiated discussions with OFAC over allegations raised in the media report, adding that the U.S. agency had indicated that it is conducting a civil investigation into certain company transactions processed through U.S. financial institutions that may have involved, directly or indirectly, Iran or parties subject to U.S. sanctions.
Adani Enterprises said the OFAC communication did not include any findings of violations or non-compliance and that it does not expect any financial impact from the matter.
The company said that it had stopped all liquefied petroleum gas imports from June 2 last year and that LPG accounted for 1.46% of its revenue in fiscal 2025.
Shares of the company, which fell more than 3% after the disclosure, came off lows to trade 0.3% lower by 12:15 p.m. IST.
The Adani group has been under sustained scrutiny since early 2023, when U.S. short seller Hindenburg Research accused it of stock manipulation and accounting irregularities, allegations the conglomerate has denied.
The group has since faced heightened regulatory, legal and market pressure, including U.S. prosecutors examining separate foreign bribery allegations.
(Reporting by Hritam Mukherjee and Nandan Mandayam in Bengaluru; Writing by Chandini Monnappa; Editing by Mrigank Dhaniwala)
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