NE BUSINESS BUREAU
AHMEDABAD, JUNE 24
Addressing the 32nd Annual General Meeting of Adani Enterprises on Monday, Chairman Adani Group, Gautam Adani said that the Hindenburg incident was designed and orchestrated to defame Adani Enterprises. Despite a challenging year, the Adani Group of companies has performed exceptionally well.
“It was designed to defame us. It was a two-sided attack, a vague criticism on our financial standing,” said Adani on the report issued by the US short seller about the conglomerate last year.
- ‘Hindenburg was designed to defame us’, says Gautam Adani
- Our commitment to operational excellence, transparent disclosure was validated by the rating agencies, financial communities, and global investors like GQG, Total Energies, US Development Finance Corp
- In 2023, the Adani Group made record-breaking achievements and executed large-scale projects
- India will be a USD 10 trillion economy by 2032
He further said that the Adani group not only survived the aftermath of the Hindenburg incident but also came out stronger, demonstrating that no obstacle could weaken it.
“Perseverance never more evident than what we demonstrated last year. Adani Group fought back against attacks on integrity, and reputation by foreign short sellers. Proved no challenge can weaken the foundations of the Adani Group,” said Adani.
Hindenburg, in a report, accused the Adani group of manipulating stock prices and improperly using tax havens, leading to a sell-off in Gautam Adani’s ports-to-power conglomerate.
He also said that over the past year, the Adani Group faced a dual challenge of misinformation and political accusations, strategically timed to coincide with a crucial follow-on public offer (FPO).
Gautam Adani highlighted that the Adani Group continued to prioritise the trust and interests of its investors. During an investigation into the allegations, the Group refunded investors the Rs 20,000 crore raised through the FPO.
He said, “Our commitment to operational excellence, transparent disclosure was validated by the rating agencies, financial communities, and global investors like GQG, Total Energies, US Development Finance Corp. Given the multiplier effect, the government of India has rightly forecast on the infra development. Our record breaking achievements in 2023, underscore our alignment to national priorities.”
He further added, “While the narrative for infra spending is set at national level, large part of funding and actions are at the state level. In our case, with our operations spread across 24 Indian states, we are first hand witnesses to the critical role state governments play in implementing the initiatives.”
He highlighted that Khavda, one of the world’s toughest deserts, is now home to the world’s largest renewable energy installation, spanning several hundred square kilometres. He said “The commissioning of the first 2 GW at the world’s largest renewable energy plant in Khavda within 12 months of breaking ground has set a record”.
Talking about Adani Group’s future plans and balance sheet, he said, “Our aggressive timeline aims to develop 30 GW capacity in the next 5 years, enough to power Belgium and Switzerland. Our net debt to EBITDA fell from 3.3 to 2.2 over the past year.”
Earlier this year, the Supreme Court gave a clean chit to the Adani Group and dismissed all allegations while reposing confidence in SEBI’s powers.
The Supreme Court ruled that petitioners could not provide enough material to transfer the Adani-Hindenburg probe to a special investigation team. The court disposed of the petitions, finding that the “threshold for a transfer of investigation” had not been made out.
On the Indian economy, he commented that India will be a USD 10 trillion economy by 2032. “This is India’s moment, the world is witnessing the rise of India. We are now the force for stability, cooperation, and progress in a complex world.”
