The settlement agreement relates to the company’s LPG trading business between November 2023 and May 2025
Adani Enterprises Ltd reported a consolidated net loss of ₹1,160 crore for the quarter ended June 30 after paying ₹2,644 crore to settle a matter with the United States Office of Foreign Assets Control (OFAC). The settlement payment, made under an agreement with the US agency, was recorded as a one-time exceptional item in the company’s financial results.According to the company’s regulatory filing, the settlement followed its engagement with OFAC over allegations raised in reports published in June 2025. “Pursuant to certain reports published in June 2025, the parent company had since proactively and voluntarily initiated discussions and engagement with the US Office of Foreign Assets Control (OFAC) concerning the allegations raised in such reports; and had, through its Counsel, cooperated in OFAC’s investigations and responded to its requests for information,” the company said. It added that during the June quarter, it entered into a settlement agreement dated May 14 with OFAC and paid $275 million (₹2,644.02 crore), which has been recorded as an exceptional item in the financial results.LPG trading businessThe settlement agreement relates to the company’s LPG trading business between November 2023 and May 2025. According to OFAC, the apparent violations involved payments processed through US financial institutions for shipments of Iranian-origin LPG that the agency said breached US sanctions regulations. OFAC said the company had purchased LPG from a Dubai-based supplier that represented the cargoes as originating from Oman or Iraq, while the agency determined that the shipments were of Iranian origin.OFAC said the company had overlooked certain warning signs, including concerns raised about the possible origin of the cargoes, unusual shipping activity, inconsistencies in documentation and pricing that were significantly below market levels. Following public reports in June 2025, the company suspended LPG imports, initiated an internal investigation through external counsel and cooperated with OFAC by sharing information and documentation. The settlement agreement does not constitute a final agency determination that a violation occurred, and does not represent an admission of wrongdoing by the company.The one-time settlement overshadowed an otherwise strong operating performance, with the flagship Adani Group company reporting its highest-ever quarterly EBITDA, supported by continued growth across its infrastructure and incubation businesses. The company’s consolidated revenue from operations rose 50 per cent year-on-year to ₹32,924 crore, driven by higher contributions from its incubating infrastructure businesses. Consolidated EBITDA rose 49 per cent to a record ₹5,642 crore, reflecting improved scale across airports, copper and commercial mining operations.Growth was led by the copper business, where revenue surged more than twenty-fold as the company’s smelter ramped up operations. Commercial mining revenue also increased 62 per cent, while the airports business posted 35 per cent growth, supported by higher passenger traffic and the commencement of international operations at Navi Mumbai International Airport. The company said the quarter also saw capacity expansion in its solar manufacturing business, a new hyperscale data centre order, and the start of toll collections on the Ganga Expressway, underscoring continued progress across its infrastructure and new energy platforms.Chairman Gautam Adani said the company had begun FY27 with its strongest-ever quarterly operating performance, reflecting the growing scale and maturity of its infrastructure and incubation platforms. He said milestones, including the launch of international operations at Navi Mumbai International Airport, expansion of solar manufacturing capacity, commencement of toll collections on the Ganga Expressway and the new hyperscale data centre order underscored the company’s execution capabilities and positioned it for its next phase of growth. The company also highlighted the successful completion of its ₹15,000 crore qualified institutional placement in July, saying the fund-raise reflected strong institutional investor confidence in its long-term growth strategy.Published on July 29, 2026
