Adani Group AGM: ‘Hindenburg Report Was Designed To Defame Us’, Gautam Adani To Shareholders

Adani Group AGM: Gautam Adani, chairman of Adani Group, addressed the Hindenburg incident during the conglomerate’s 32nd annual general meeting (AGM) held on Monday. Adani described the incident as a deliberate attempt to damage the company’s reputation.

“It was designed to defame us. It was a two-sided attack, a vague criticism on our financial standing,” Adani stated, referring to the US short seller’s report from last year. Hindenburg’s report had accused Adani Group of stock manipulation and improper use of tax havens, which led to a significant sell-off in the conglomerate’s stocks.

In response to the allegations, Adani highlighted the group’s proactive measures to stabilise its finances. “We safeguarded our portfolio against any volatility by pre-paying Rs 17,500 crore in margin-linked financing,” he informed shareholders.

Adani said the group’s dedication to operational excellence and transparency. “Our commitment to operational excellence and transparent disclosure was validated by the rating agencies, financial communities, and global investors like GQG, Total Energies, and the US Development Finance Corp,” he mentioned.

The chairman also aligned the company’s achievements with national priorities, particularly in infrastructure development. “Given the multiplier effect, the Government of India has rightly focused on infra development. Our record-breaking achievements in 2023 underscore our alignment with national priorities,” Adani stated.

Adani underscored the critical role of state governments in infrastructure projects, noting that the group’s operations across 24 Indian states have provided first-hand insight into state-level contributions. “While the narrative for infra spending is set at the national level, a large part of funding and actions are at the state level,” he added.

The AGM also provided a platform for Adani to outline the conglomerate’s future plans and financial health. “Our aggressive timeline aims to develop 30 GW capacity in the next five years, enough to power Belgium and Switzerland. Our net debt to EBITDA fell from 3.3 to 2.2 over the past year,” he reported.

Adani highlighted the strong performance of the group’s airports, with passenger traffic reaching 88.6 million. He also revealed ambitious plans for the future, including the development of the world’s largest single-location copper smelter with a capacity of 1 million metric tonnes per annum, and a target of 140 million tonnes per annum cement capacity by 2028. “Ambuja Cements was the lead supplier for India’s longest sea bridge – the 21.9 km long Mumbai trans-harbour link,” he noted.

The AGM concluded with Adani expressing confidence in the group’s trajectory and its contribution to India’s infrastructure and industrial self-reliance.