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.

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,

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.

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.

Kenyan President William Ruto sought Thursday to turn the page on a difficult year, cancelling controversial deals with India's Adani Group and vowing to tackle corruption, police kidnappings and gender-based violence.

Indian billionaire Gautam Adani has been indicted for fraud by U.S. prosecutors and arrest warrants issued for him and his nephew for their alleged roles in a $265 million scheme to bribe Indian officials to secure power-supply deals.

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,