Gautam Adani, Chairman of Adani Group, asserts that ‘truth has prevailed’, dismisses Hindenburg Research

oses a chapter that began over two years ago when the Hindenburg Research report caused a $150 billion market value loss and subjected the conglomerate to intense scrutiny. He emphasized that the group’s resilience was tested across various aspects.
Reflecting on the January 2023 Hindenburg Research report, Adani described it as a pivotal moment that shook India’s markets and challenged not only his conglomerate but also the ambition of Indian enterprises on a global stage. He pointed out that SEBI recently dismissed the market manipulation accusations made by the short-seller against the group.
The regulator found that Hindenburg’s claims of fraud related to Adani Group’s related-party transactions were unfounded. The short-seller had alleged unauthorized money transfers among different Adani entities.
SEBI confirmed that the Adani Group did not violate any rules, despite its wide-ranging business interests including ports, coal, renewable power, media, and airports.
Adani expressed that the moment was more than just regulatory clearance; it validated the company’s transparency, governance, and core operations. Although the group’s market value has not fully recovered from the Hindenburg incident, its operations have strengthened significantly. In the past two years, portfolio EBITDA surged by 57% to ₹89,806 crores ($10.8 billion), and gross block assets increased by 48% to ₹6.1 lakh crores.
He highlighted various infrastructure milestones achieved in the same period, such as the inauguration of India’s first container transshipment port at Vizhinjam, the addition of 6 GW of renewable energy capacity through the Khavda project, the commencement of operations at the world’s largest copper smelter and metallurgical complex, and the deployment of 4 GW of new thermal power capacity along with 7,000 circuit kilometers of transmission lines in India and beyond.
According to Adani, the group’s future priorities include bolstering governance, fostering innovation, and expanding infrastructure investments. He emphasized a commitment to advancing nation-building efforts, acknowledging the strain faced by investors, lenders, and partners. Adani pledged to enhance governance standards, escalate innovation and sustainability initiatives, and bolster infrastructure investments within the country.
In conclusion, Adani urged a renewal of the company’s foundational principles of resilience, integrity, and an unwavering dedication to building a brighter future for India and the global community. He concluded with verses from poet Sohan Lal Dwivedi, likening the group’s journey to a boat navigating through turbulent waters, emphasizing the importance of perseverance and courage.