During the 32nd annual general meeting of the conglomerate, Gautam Adani, the Chairman of Adani Group, addressed the Hindenburg incident. He stated that the incident was an attempt to defame the conglomerate and was a two-sided attack that included vague criticism regarding their financial standing.
Last year, a scathing report by a US shortseller, Hindenburg, accused the group of stock manipulation and improper use of tax havens, which triggered a sell-off in Gautam Adani’s ports-to-power conglomerate. Adani emphasized that they had safeguarded their portfolio against volatility by pre-paying Rs 17,500 crore in margin-linked financing.
He also highlighted that their commitment to operational excellence and transparent disclosure had been validated by rating agencies, financial communities, and global investors such as GQG, Total Energies, and the US Development Finance Corp. Adani further mentioned that the government of India had rightly forecasted infrastructural development due to its multiplier effect.
He emphasized their record-breaking achievements in 2023, which underscored their alignment with national priorities. Adani also acknowledged the significant role played by state governments in implementing initiatives, particularly in the context of infrastructure spending. With operations spread across 24 Indian states, Adani stated that they were firsthand witnesses to this critical role.
Additionally, Adani provided an update on the conglomerate’s future plans and balance sheet. He mentioned their aggressive timeline to develop 30 GW capacity in the next 5 years, which would be sufficient to power Belgium and Switzerland. Furthermore, he highlighted that their net debt to EBITDA ratio had decreased from 3.3 to 2.2 over the past year.