Billionaire Gautam Adani, a year after facing a critical report by a U.S. short seller, has asserted that the trials of the past year have strengthened the Adani Group. In a column in a leading newspaper, Adani highlighted the group’s resilience, stating that they raised ₹40,000 crore through equity, repaid ₹17,500 crore of margin-linked financing, and trimmed debt. He emphasized the group’s commitment to growth, launching key projects, including the Dharavi redevelopment and the world’s largest renewable energy generation site in Khavda, Gujarat.
Adani addressed the Hindenburg Research report’s accusations of fraud and market manipulation as “lies” and “old and dead allegations.” He refuted the report, calling it a compilation of selective half-truths. Adani credited the group’s solid assets, robust operations, and transparent disclosures for withstanding the impact on market value, which dipped by as much as $150 billion at the lowest point.
Expressing concern for small investors who lost savings, Adani acknowledged that the crisis uncovered a weakness in the group’s outreach mechanisms. He recognized the importance of engaging effectively with non-financial stakeholders and countering distorted narratives. Despite challenges, Adani noted a significant growth in the shareholder base, expanding by 43% over the challenging year.
In conclusion, Adani stated that the trials and tribulations have taught valuable lessons, making the group stronger and reaffirming faith in Indian institutions. He anticipated that the devious attack and the group’s countermeasures would become a case study, sharing thoughts in light of potential future attacks on Indian groups. Adani remains resolute in contributing to India’s growth story, believing that the group has emerged stronger from the experience.
