India's Adani to pay US $352m to settle Iran sanctions allegations
Adani Group, one of India's largest conglomerates, said it will pay $352 million to settle allegations that it violated US sanctions on Iran. The deal is aimed at clearing the group's path back into US capital markets, the Straits Times reports.
Adani Group, one of India's largest business conglomerates, said it will sign a $352 million settlement with US authorities to close out allegations that its subsidiaries violated US sanctions on Iran through oil-product and shipping transactions. The agreement was disclosed in regulatory filings.
Adani said the settlement is being entered into 'without admission of liability' and is intended to restore its access to US capital markets. The US investigation into founder Gautam Adani, ongoing since 2024, has weighed on group share prices and international credit-rating outlook for months.
The decision is being read as a balancing act in India's strategic partnership with the United States. New Delhi has been working to balance its deepening economic ties with China and Russia in recent months against its military and technology partnership with Washington. Adani Group shares rose around 4 per cent on Indian exchanges after the announcement.
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