Latest news with #SMSBros
Time of India
3 days ago
- Business
- Time of India
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 . by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now 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. Live Events 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. Also Read: Technical picks: HDFC Life, Pidilite Industries among 5 stocks that can rally up to 20% in short term "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. Also Read: India's top 10 priciest stocks in 2025: MRF to Elcid, see who tops the list 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)
India Today
4 days ago
- Business
- India Today
Adani faces US scrutiny over Iran LPG 'links', denies role, says unaware of probe
US prosecutors are investigating whether industrialist Gautam Adani's companies violated US sanctions by importing Iranian petrochemical products into India through Gujarat's Mundra port, The Wall Street Journal reported on Monday. However, the company categorically rejected any involvement in importing Iranian LPG by evading sanctions, stressing that it was not aware of a probe into the investigation by the US-based publication found tankers travelling between Mundra port, which is operated by the Adani Ports and SEZ Ltd, and the Persian Gulf, the report said, adding that it exhibited traits experts say are common for ships evading US Justice Department was reviewing the activities of several LPG tankers used to ship cargoes to Adani Enterprises, the report said, citing people familiar with the matter. In response, an Adani Enterprises spokesperson said, "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."Last month, US President Donald Trump said all purchases of Iranian oil or petrochemical products should stop and threatened to impose secondary sanctions on countries buying oil from the Islamic development came after US authorities prosecuted the 62-year-old industrialist and his nephew, Sagar Adani, in November last year, alleging that they paid bribes to secure power supply contracts, and misled American investors during fundraising in the Group had called the allegations "baseless" and vowed to seek "all possible legal recourse".ADANI ENTERPRISES DENIES INVOLVEMENTIn a statement, a spokesperson for Adani Enterprises said The Wall Street Journal's report appeared to be based entirely on incorrect assumptions and speculation."Any suggestion that Adani Group entities are knowingly in contravention of US sanctions on Iran is strongly denied. Any assertion to the contrary would not only be slanderous but also deemed to be an intentional act to injure the reputation and interests of the Adani Group," the spokesperson statement also said that the Adani Group does not handle any cargo from Iran at any of its ports. "This includes any shipments originating from Iran or any vessels operating under the Iranian flag," it read."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,' it spokesperson said that the shipment referred to in The Wall Street Journal's report was handled through a routine commercial transaction via third-party logistics partners and was supported by documentation identifying Sohar, Oman, as the port of origin."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," the statement spokesperson said even while LPG constitutes a very small and operationally non-material component of the company's overall revenue, all LPG trade conducted by Adani entities was fully compliant with applicable domestic and international laws, including US sanctions regulations."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, it said."In that regard, Adani purchases LPG on contracts from reputed international suppliers. The supplies are under valid contracts with the supplier having specific clauses that the product should be from non-sanctioned countries," the statement further said.(with inputs from Reuters)Must Watch IN THIS STORY#Gautam Adani#Adani Group
Time of India
4 days ago
- Business
- Time of India
'Baseless and mischievous': Adani Group denies being under investigation by US authorities over links with Iranian LPG
The Adani Group on Monday denied media report of being investigated by United States authorities over alleged links with Iranian 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 stock exchange filing. Read more: Gautam Adani under new scrutiny from US prosecutors, WSJ reports by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo "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. "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. Live Events "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.
