Jaipur: Industrialist Gautam Adani, in his first response, denied the accusations to the fresh US indictments on Saturday, saying that “every attack makes us stronger.” Adani was speaking during the 51st Gem and Jewellery Awards in Jaipur where he said that business had previously encountered “such challenges.”
“As most of you would have read less than 2 weeks back, we faced a set of allegations from the US about compliance practises at Adani Green Energy. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger and every obstacle becomes a stepping stone,” Adani said.
‘Negativity spreads faster than facts’
He added, “Despite a lot of the vested reporting, no one from the Adani side has been charged with any violation of the FCPA or any conspiracy to obstruct justice. In today’s world, negativity spreads faster than facts. As we work through the legal process, I want to reconfirm our absolute commitment to world-class regulatory compliance. ”
He said that despite the Adani Group’s successes, the challenges it faced were even more great. He said that these challenges did not break the company. Instead, they defined it, making the group stronger and instilling an unwavering belief that after every setback, it would rise again, more resilient than before.
He recalled the attack by the US-based short-seller Hindenburg Research in January 2023. As the group was preparing for its follow-on public offering (FPO), it was targeted by a short-selling attack from abroad. This was not just a typical financial assault but a dual attack aimed at undermining the company’s financial stability while also dragging it into a political controversy, Adani said. Certain media outlets with vested interests amplified the situation. Despite this, the group’s commitment to its principles remained strong, he added.
“After successfully raising ₹20,000 crore through India’s largest-ever FPO, we made the unprecedented decision to return the funds. We then further proved our resilience by securing capital from various international sources and actively reducing our debt-to-EBITDA ratio to below 2.5 times, a benchmark that is unmatched in the global infrastructure sector, ” he said.
Moreover, the company’s all-time record financial results in the same year reflected its commitment to operational excellence. No Indian or foreign credit rating agency downgraded its ratings. Finally, the Supreme Court of India affirmed the group’s actions, validating its approach.
