At the 32nd annual general meeting of the Adani Group, Chairman Gautam Adani discussed the impact of the Hindenburg report, which he described as “baseless accusations.” He emphasized that the report was a two-pronged attack on the group’s financial standing and aimed to distort information, dragging the company into a political battle. The report, released just before a major public offering, accused the group of stock manipulation and improper use of tax havens, leading to a significant sell-off in the market.
An expert panel set up by the Supreme Court found no conclusive evidence of stock manipulation by the Adani Group but suggested regulatory improvements to protect investors. Adani highlighted the group’s resilience, noting that they raised an additional Rs 40,000 crore to cover debt repayments for the next two years and pre-paid Rs 17,500 crore in margin-linked financing. The group’s net debt to EBITDA improved from 3.3 to 2.2.
Adani expressed confidence in the group’s operational excellence and transparency, validated by global investors like GQG Partners, TotalEnergies, IHC, QIA, and the US Development Finance Corporation. He also spoke about India’s growth potential, emphasizing the government’s increased infrastructure spending and the role of state governments in implementing development initiatives.
Regarding future plans, Adani outlined the group’s goal to develop 30 GW of capacity in the next five years, with Adani Green Energy revising its FY 2029-30 target from 45 GW to 50 GW. The group added 2.8 GW of renewable capacity in the past year. Adani also noted that passenger traffic at Adani-operated airports reached 88.6 million and reaffirmed the goal of achieving a cement capacity of 140 million tonnes per annum by 2028, highlighting Ambuja Cements’ role in supplying India’s longest sea bridge.
Gautam Adani For Adani Energy Solutions, the transmission order book stands at Rs 17,000 crore, and the smart metering order book has expanded to 228 lakh units.
