Adani Enterprises Limited has informed the Exchange about execution of settlement agreement by the Company with the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC")
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Adani Enterprises has entered into a settlement agreement with OFAC dated May 14, 2026, agreeing to pay $275 million (reduced from a maximum statutory penalty of $384.2 million). The settlement resolves allegations that the company purchased LPG shipments from a Dubai-based trader between November 2023 and June 2025, with payments totaling approximately $192 million processed through U.S. financial institutions. OFAC determined that red flags indicated the LPG actually originated from Iran, violating Iran-related sanctions. The penalty was mitigated due to no prior OFAC penalties in five years, the LPG business being less than 1.5% of consolidated revenue, substantial cooperation, and remedial compliance measures. The settlement is without admitting the allegations.
The $275 million settlement represents a significant financial outflow for the company, though the penalty reduction reflects credit for cooperation. The resolution removes regulatory uncertainty around U.S. sanctions compliance, which had been a concern since allegations emerged following a Wall Street Journal article in June 2025. Shareholders may view this as closure to a major legal overhang.