Gautam Adani tells shareholders at AGM: ‘Hindenburg report was vague criticism' - Hindustan Times
close_game
close_game

Gautam Adani tells shareholders at AGM: ‘Hindenburg report was vague criticism'

Jun 24, 2024 11:47 AM IST

Gautam Adani said that Hindenburg's scathing report last year was a “vague criticism”.

Adani Group Chairman Gautam Adani reflected on the Hindenburg report at the 32nd annual general meeting (AGM) of the conglomerate and said that the US shortseller's scathing report last year was a “vague criticism”. 

Adani group chairman Gautam Adani.(ANI)
Adani group chairman Gautam Adani.(ANI)

What Gautam Adani said on Hindenburg report

He said, “It was designed to defame us. It was a two-sided attack, a vague criticism on our financial standing.”

"We safeguarded our portfolio against any volatility by pre-paying 17,500 crore in margin-linked financing," he added.

Hindenburg accused the Adani group of stock manipulation and improper use of tax havens triggering a sell-off in Gautam Adani's ports-to-power conglomerate.

Read more: This Bengaluru startup fired 80% of its employees after failing to secure funding

What Gautam Adani said on his conglomerate

He said, “Our commitment to operational excellence, transparent disclosure was validated by the rating agencies, financial communities, and global investors like GQG, Total Energies, US Development Finance Corp. Given the multiplier effect, the government of India has rightly forecast on the infra development. Our record breaking achievements in 2023, underscore our alignment to national priorities.”

Read more: Hero MotoCorp to increase two-wheeler prices from July 1

He further added, “While the narrative for infra spending is set at national level, large part of funding and actions are at the state level. In our case, with our operations spread across 24 Indian states, we are first hand witnesses to the critical role state governments play in implementing the initiatives.”

Read more: Groww user says money debited but not invested, platform credits amount in 'good faith'

Talking about Adani Group's future plans and balance sheet, he said, “Our aggressive timeline aims to develop 30 GW capacity in the next 5 years, enough to power Belgium and Switzerland. Our net debt to EBITDA fell from 3.3 to 2.2 over the past year.”

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Get latest updates on Petrol Price along with Gold Rate , Today Weather and Budget 2024 at Hindustan Times.

SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Sunday, July 14, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On