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

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)

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.

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.”

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.”

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.”