The Adani Group on Saturday clarified on reports of Kenya cancelling more than $2.5 billion in deals after the US' allegations, saying it

Kenya’s president says he has cancelled multimillion-dollar airport expansion and energy deals with Indian tycoon Gautam Adani after U.S. bribery and fraud indictments against one of Asia’s richest men.

On the pact it had signed last month to build and operate key electricity transmission lines in Kenya for 30 years, the group said the project did not fall within the ambit of Sebi's disclosure regulations,

Kenyan President William Ruto canceled two deals with Adani Group worth about $2.6 billion over alleged corruption, hours after the company’s billionaire founder was charged by the US authorities in a separate bribery scheme.

It follows accusations that Adani was scheming to pay over $250 million in bribes to Indian government officials, which he denies.

Kenya's President William Ruto has cancelled two major deals involving Indian billionaire Gautam Adani, after the tycoon was indicted for fraud by US prosecutors. In his state-of-the-nation address on Thursday, Ruto said the deals had been cancelled based on "new information provided by our investigative agencies and partner nations".

The president’s announcement came a day after Gautam Adani, the chair of the Indian conglomerate, was indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme.

The Adani Group clarified it had no binding agreement for Kenya's main airport after reports of cancelled $2.5 billion deals linked to US bribery charges. It stated Kenya's power transmission project cancellation doesn’t require SEBI disclosure.

The group was responding to notices sent by stock exchanges to confirm reports of Kenyan President William Ruto ordering the cancellation of a procurement process