Adani Enterprises Limited has categorically denied allegations linking it to a $2.5 billion deal involving Kenyan airport projects, as reported by international media.

Responding to clarifications sought by the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE), the conglomerate emphasised that no definitive agreements had been reached regarding airport projects in Kenya.

"This is in connection with the email received from BSE and NSE seeking clarification with respect to (i) media report which appeared in www.reuters.com on November 21, 2024, captioned 'Kenya drops over $2.5 billion of Adani deals after US indictment' (‘Media Report’); and (ii) decrease in the price of the securities of the Company listed on the Stock Exchanges on November 22, 2024," read Adani's formal response dated November 23, 2024.

The controversy emerged following the publication of reports alleging the cancellation of a significant deal with Adani due to legal issues abroad.

However, Adani clarified that its Kenyan subsidiary, incorporated in August 2024, was established solely to explore opportunities to manage and upgrade airports.

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"While the Company was in discussion with the relevant authority for the said project, till date neither the Company nor its subsidiaries (i) have been awarded any airport project in Kenya, or (ii) entered into any binding or definitive agreement in connection with any airport in Kenya," the company stated.

Additionally, Adani addressed its adherence to the Securities and Exchange Board of India (SEBI) Listing Regulations. The company reiterated that no material impact had arisen from the media report concerning its operations.

"Accordingly, no disclosure requirement under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘SEBI Listing Regulations’), was triggered," it added.

Adani also responded separately to a related article on CNBC-TV18 titled Adani Group stocks in focus: Here is what the US SEC said.

The company confirmed that as of November 21, 2024, it possessed no new information warranting disclosure under SEBI Listing Regulations.

"The Company will continue to comply with and make appropriate disclosures as required," the statement assured.

The market impact of these allegations remains a pressing concern for the group, as the clarification comes amidst notable fluctuations in its stock prices.

However, Adani maintained its stance, stating, "Further, the Company hereby submits that there is no material impact of the Media Report on the operations of the Company."

This development underscores Adani's commitment to transparency while addressing concerns surrounding its activities in Kenya.

For now, the company appears to have distanced itself from the alleged deal as it navigates the scrutiny sparked by recent media reports.