Gautam Adani: Each Challenge Strengthens Us Amidst US Allegations
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Jaipur, Nov 30 (NationPress) Adani Group Chairman Gautam Adani expressed on Saturday that the recent allegations against the conglomerate from the US signify yet another attack, one from which it will come out stronger and more resilient.
During his address at the 51st Indian Gems and Jewellery Award ceremony, the Adani Group Chairman highlighted the "set of allegations from the US regarding compliance practices at Adani Green Energy" as one of the three recent attacks on the Adani Group.
"This is not the first time we have confronted such challenges. What I can assure you is that every attack fortifies us and each hurdle transforms into a stepping stone for a more resilient Adani Group," he stated.
He continued, "Despite extensive biased reporting, no individual from the Adani side has faced charges for any violations of the FCPA or any conspiracy to hinder justice. In today's environment, negativity spreads more rapidly than facts - and while we navigate the legal process, I want to reaffirm our unwavering commitment to top-tier regulatory compliance," Gautam Adani asserted.
Identifying the other two attacks, he mentioned: "First - in 2010, when we were investing in a coal mine in Australia, our goal was clear: How to ensure India's energy security – by substituting every two tons of inferior-quality Indian coal with one ton of superior-quality coal from Australia? However, the resistance from NGOs was formidable and persisted for nearly a decade."
He noted that the opposition was so severe that the group had to finance the entire $10 billion project through its own equity.
"While we now operate a world-class mine in Australia, which stands as a testament to our resilience, the truth is that 100 percent equity funding eliminated over $30 billion in debt financing for our green energy initiatives," Gautam Adani remarked.
"The second instance occurred in January last year, just when we were poised to launch our Follow-on Public Offering. We encountered a short-selling attack originating from abroad. This was not a conventional financial strike; it was a dual assault - targeting our financial stability and embroiling us in a political controversy. All this was further magnified by certain media with vested interests. Nevertheless, even amidst such adversity, our dedication to our principles remained steadfast," the Adani Group chief highlighted.
He pointed out that after successfully raising Rs 20,000 crore from India's largest-ever FPO, the group made the remarkable decision to return the proceeds.
"We then displayed our resilience by securing capital from various international sources and proactively reducing our Debt to EBITDA ratio to below 2.5 times, an unparalleled metric in the global infrastructure sector," he stated.
Gautam Adani further remarked that the all-time high financial results of the group in the same year underscored its commitment to operational excellence. No Indian or foreign credit rating agency downgraded the Adani Group, and ultimately, the Supreme Court's "endorsement of our actions validated our approach," he added.
He also mentioned that over the years, he had come to accept that overcoming roadblocks is the cost of being a pioneer.
"The more ambitious your dreams, the greater the scrutiny from the world. Yet, it is precisely within that scrutiny that you must find the courage to rise, challenge the status quo, and carve a path where none exists. To pioneer is to embrace the unknown, to transcend limits, and to have faith in your vision even when the world has yet to recognize it," Gautam Adani affirmed.
