At the 32nd annual general meeting (AGM) of the Adani Group, Chairman Gautam Adani addressed shareholders, reflecting on the Hindenburg report that caused turmoil last year. Adani characterized the report as a “vague criticism” aimed at tarnishing the conglomerate’s reputation. He emphasized that the report was a “two-sided attack, a vague criticism on our financial standing,” designed to defame the group.
Adani detailed the measures taken to stabilize the company’s financial health amidst the report’s fallout. “We safeguarded our portfolio against any volatility by pre-paying ₹17,500 crore in margin-linked financing,” he stated, demonstrating the group’s proactive financial management.
The Hindenburg report accused the Adani Group of stock manipulation and improper use of tax havens, leading to a significant sell-off in the company’s shares. However, Adani assured shareholders that the group’s commitment to operational excellence and transparent disclosure has been validated by rating agencies, the financial community, and global investors such as GQG Partners, Total Energies, and the US Development Finance Corporation.
“Our record-breaking achievements in 2023 underscore our alignment with national priorities,” Adani said, highlighting the group’s contribution to India’s infrastructure development. He praised the government’s focus on infrastructure, noting, “Given the multiplier effect, the government of India has rightly forecast on infra development.”
Adani also emphasized the critical role of state governments in implementing infrastructure initiatives, with the group’s operations spanning 24 Indian states. “We are first-hand witnesses to the critical role state governments play in implementing the initiatives,” he noted.
Looking ahead, Adani outlined ambitious plans for the group’s future. “Our aggressive timeline aims to develop 30 GW capacity in the next 5 years, enough to power Belgium and Switzerland,” he said. He also highlighted the group’s improved financial metrics, stating, “Our net debt to EBITDA fell from 3.3 to 2.2 over the past year.”
The AGM served as a platform for Adani to reaffirm the group’s resilience and strategic vision, ensuring shareholders of its robust plans for growth and commitment to national development goals.
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