Adani Enterprises

Adani Enterprises is the flagship listed entity of the Adani Group, India's largest port and infrastructure conglomerate founded by Gautam Adani in 1988. The group operates ten major Indian ports (including Mundra, India's largest), four domestic airports, coal mining, power generation, green hydrogen ventures, and an integrated LPG/LNG import and distribution chain. Adani's trading Arm sources LPG globally through term and spot contracts.

Adani Enterprises found itself at the centre of the May 2026 sanctions enforcement wave when OFAC posted a $275m settlement on 18 May for 32 Iran-LPG sanctions violations — the largest commodity-chain prosecution since the price-cap mechanism's inception. The penalty arrived two days after General Licence 134B expired, and OFAC's press language explicitly framed it as the template for future enforcement replacing the price-cap waiver architecture.

The settlement establishes that Indian commodity importers with US dollar clearing exposure can be prosecuted under OFAC's secondary sanctions framework even where the physical cargo never touched US soil. For European oil traders, the precedent narrows the implied SAFE harbour for commodity supply chains that touch Iran indirectly, and raises the prosecution risk for any desk still using GL 134B/134C waiver logic as a template for Russian crude continuity.