India's Adani to pay $275 mn settlement to US over alleged Iran sanctions violations

The US Treasury's Office of Foreign Assets Control (OFAC) said the agreement had been reached with Adani Enterprises Limited (AEL), part of the billionaire's sprawling conglomerate of companies.

"AEL agreed to settle its potential civil liability for 32 apparent violations of OFAC's Iran sanctions," the Treasury said, pointing to AEL purchases of liquefied petroleum gas (LPG) shipments between November 2023 and June 2025.

Monday's announcement came days after Adani agreed to pay a separate $18 million settlement in a US civil court case linked to corruption, without admitting guilt, according to another of his companies.

In that case, Adani was accused of having participated in an estimated $250 million scheme to bribe Indian officials for lucrative solar energy supply contracts.

In February, Adani Enterprises said it was cooperating with the US probe into the potential sanctions violations that resulted in Monday's settlement announcement.

The Adani Group is one of India's largest business empires, operating businesses ranging from ports and power plants to cement factories and media houses.

Gautam Adani, one of India's richest men, has been rocked in recent years by corporate fraud allegations and a stock crash.

Adani is a close ally of Indian Prime Minister Narendra Modi and hails from the leader's home state of Gujarat.