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.

Adani Energy Solutions said on Saturday that Kenya's cancellation of a $736 million transmission line project did not require it to make any regulatory disclosure under Indian stock exchange rules as it was within its ordinary course of business.

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

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

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.

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,