In a recent video message to the employees of his conglomerate, billionaire Gautam Adani shared insights into what he described as a year of “extraordinary contrasts” for the group. He said that the group overcame attacks by an international short seller and various groups opposed to Adani interests. He said that the conglomerate emerged from this tumultuous period in a “position of unprecedented strength.”
“About 12 months ago, our resilience was tested by an attack from an international short seller. This was further complicated as various groups with opposing interests to Adani leveraged the short seller’s claim for their own objectives, aiming to harm our reputation by raising concerns about governance practices not just for our group but at the national level,” Adani said in his message.
Despite the adversity, Adani emphasised that the conglomerate’s integrity and governance were thoroughly validated by a Supreme Court-appointed committee. The committee’s report found no regulatory failure in the Hindenburg-Adani matter, underscoring the unsubstantiated nature of the allegations against the group. Adani highlighted that this experience only served to highlight the power of truth in their favor.
“While there is a need to incorporate learnings into our processes to avoid such challenges in the future, our group’s response to the short seller attack was extraordinary. We not only rebounded but also reported record-breaking results, ending our most challenging year in a position of unprecedented strength,” Adani asserted.
The Adani portfolio companies experienced a remarkable surge in operating income, reaching over ₹ 43,000 crore, a record-breaking 47% increase in the first half of FY24.
Looking ahead, Adani Group has ambitious plans to invest a staggering $100 billion over the next decade, with a focus on shifting towards clean energy. The backing of marquee institutional investors, including GQG Partners, has undoubtedly contributed to lifting sentiment.
Adani proudly shared, “Our financial health is now far more robust than ever before in our 30-year history and is marked by an expansion of our investor base with prestigious global entities like GQG Partners from the U.S., International Holding Co. from the Middle East, Total Energies from Europe, and the U.S. government’s International Finance Development Corp.””This is a clear validation of the trust and confidence investors place in the Adani brand,” he remarked.
Highlighting the group’s accelerated expansion plans, Adani noted their involvement in groundbreaking projects, including the world’s largest renewable energy park in Kutch, set to generate 30 GW of green power, and the redevelopment of Dharavi. The conglomerate also undertook challenging projects like constructing one of the world’s most difficult and deepest breakwaters for the Vizhinjam port in Kerala and accelerating the development of the Navi Mumbai airport, designed to handle a staggering 100 million passengers annually.