Gautam Adani posts conclusive remarks on Hindenburg incident

At 32nd Annual General Meeting, Chairman Gautam Adani addressed the Hindenburg incident, asserting it was a deliberate attempt to tarnish the conglomerate’s reputation

Adani described the US short-seller’s report, which accused the group of stock manipulation and misuse of tax havens, as a vague criticism of their financial standing. The report had previously triggered a significant sell-off in Adani’s ports-to-power conglomerate. Adani highlighted the group’s strategic response to the crisis by pre-paying ₹17,500 crore in margin-linked financing, thereby protecting their portfolio against volatility. He emphasized their commitment to operational excellence and transparent disclosures, which rating agencies, financial communities, and global investors such as GQG, Total Energies, and the US Development Finance Corp validated.

Adani also discussed the Indian government’s focus on infrastructure development, aligning with national priorities. He noted the record-breaking achievements of the Adani Group in 2023, attributing their success to this alignment. Highlighting the importance of state-level involvement in infrastructure projects, he mentioned that their operations across 24 Indian states provided firsthand insights into the crucial role played by state governments. Looking ahead, he outlined the group’s ambitious plans, including developing 30 GW of capacity over the next five years, sufficient to power Belgium and Switzerland. He also noted a significant improvement in their financial health, with the net debt to EBITDA ratio decreasing from 3.3 to 2.2 over the past year. This strategic financial management underlines the group’s resilience and forward-looking approach amidst challenges.

[Image Source: IQuanta]