The Adani Group not only withstood a dual assault triggered by the report issued by short seller Hindenburg Research but also delivered record financial results during the turbulence, the conglomerate’s Chairman, Gautam Adani, said on Thursday.
Addressing a special Teachers’ Day Event, ‘Breaking Boundaries’, at the Jai Hind College in Mumbai, Mr Adani said the Adani Group has assembled a set of leaders who dare to repeatedly venture into the unknown and take on challenges, and this was on display after the report by Hindenburg last year.
Recalling the attack, Mr Adani said, “It was a short-selling attack initiated from abroad. This was not a typical financial strike. It was a dual assault targeting our financial stability and pulling us into a political storm. It was a calculated move, timed just days before the close of our Follow-on Public Offer and designed to cause maximum damage – and further amplified by certain media with vested interests.”
In the middle of this turbulence, the Adani Group Chairman added, the Group made an extraordinary decision – after raising Rs 20,000 crore through India’s largest-ever FPO, it decided to return the proceeds as a sign of its commitment to its values.
“Moreover, to prove our resilience, we raised several thousand crores from other sources and proactively reduced our debt to EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) ratio to below 2.5 times – an unmatched number even for the strongest of infrastructure companies across the world,” said Mr Adani.
“Our all-time record financial results delivered in the midst of the attack showcased our commitment to operational excellence and was best validated by the tremendous support from the global rating agencies, the financial community, and investors like GQG Partners, TotalEnergies, IHC, QIA, and the US Development Finance Corporation… The Supreme Court of India’s affirmation of our actions was the final vindication of our approach,” he added.
In keeping with the theme of his address, he said the real lesson from all of this for him and the Group was that breaking boundaries was not about overcoming external challenges, but about shattering mental barriers.
“When the world says you cannot rise, that’s when the real test of resilience begins. Resilience is not about avoiding the falls. It is about rising stronger after every fall. It’s about pushing through the impossible and emerging stronger on the other side,” he said.
‘India’s Time Has Arrived’
Mr Adani also spoke extensively about India’s position in the world and his belief in the country’s future.
“It is well established now that by the end of this decade, India is set to be the world’s third-largest economy. With the government in its third term, India is also positioned to consolidate the several groundbreaking initiatives launched by the government and continue the economic and social programs that have driven our spectacular journey over the past decade,” he said.
“A democracy whose time has come cannot be stopped and India’s time has arrived. The future is ours to create and the boundaries we break today will define the India of tomorrow,” he asserted.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
