Adani Group stocks in focus amid US scrutiny over suspected Iranian LPG imports via Mundra Port
Adani Group
stocks are expected to remain in focus on Tuesday after a report by The Wall Street Journal (WSJ) said US prosecutors are investigating whether Gautam Adani's companies imported Iranian liquefied petroleum gas (LPG) into India via the
Mundra port
.
According to the WSJ report published on 2nd June, 2025, tankers travelling between Gujarat's Mundra port and the Persian Gulf showed patterns typically associated with
sanctions evasion
. The report cited experts and individuals familiar with the matter, noting that the
US Justice Department
is reviewing the activity of several LPG tankers that allegedly shipped cargoes to
Adani Enterprises
.
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Adani Group Denies Allegations
In a stock exchange filing on Monday, the Adani Group dismissed the report as 'baseless and mischievous,' stating there has been no deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG.
"The Wall Street Journal's story of 2nd June 2025, by Ben Foldy and Dave Michaels, alleging links between Adani entities and
Iranian LPG
, is baseless and mischievous. Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG. Further, we are not aware of any investigation by US authorities on this subject," said the company through a stock exchange filing.
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The WSJ said it had found tankers travelling between the Gulf and billionaire Gautam Adani's Mundra port in western India exhibiting traits that experts say are common for ships evading sanctions. It said the US Justice Department was reviewing the activities of several LPG tankers used to ship cargoes to Adani Enterprises, the group's flagship entity, citing people familiar with the matter.
"By policy, the Adani Group does not handle any cargo from Iran at any of our ports. This includes any shipments originating from Iran or any vessels operating under the Iranian flag. Additionally, the Adani Group does not manage or facilitate any ships whose owners are Iranian. This policy is strictly adhered to across all our ports," added the group.
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"As an importer of LPG, the appropriate due diligence and KYC of the suppliers is undertaken to ensure that the entities/persons are not on the OFAC sanctions list. The logistics of LPG trade are managed by well-established third-party international suppliers and logistics firms, which manage shipping in accordance with global compliance standards," added the company.
"We again state that we do not own, operate or track vessels (including the alleged SMS Bros/Neel) and cannot comment on the current or past activity of vessels we have not contracted and do not control. Whatever the duties and responsibilities of a bona fide importer are, we have fulfilled those," said Adani Group.
US President Donald Trump said in May that any party buying Iranian oil or petrochemical products would immediately be subject to secondary sanctions.
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Last November, US authorities indicted Adani and his nephew, Sagar Adani, on suspicion of paying bribes to secure power supply contracts and misleading US investors during fundraising in the United States.
Adani Group has denied the accusations and vowed to fight them.
(
Disclaimer
: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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