Gautam Adani Responds to US Allegations: "Every Attack Makes Us Stronger"

Adani Group Chairman Gautam Adani has addressed allegations from the US Department of Justice regarding compliance practices at Adani Green Energy, viewing them as challenges that strengthen the group. Speaking at the 51st Gem and Jewellery Awards in Jaipur, he highlighted the resilience of the Adani Group in the face of repeated adversities.

Gautam Adani's Key Statements:

• On Facing Challenges: "This is not the first time we have faced such challenges. Every attack makes us stronger, and every obstacle becomes a stepping stone for a more resilient Adani Group," said Adani, reaffirming the group’s commitment to global regulatory compliance.
• Response to Allegations: He emphasized that no Adani official has been charged with violations under the Foreign Corrupt Practices Act (FCPA) or conspiracy to obstruct justice, dismissing "vested" media reports as misinformed.

Reflections on Past Challenges:

Adani referenced the January 2023 attack by short-seller Hindenburg Research, which coincided with the group's follow-on public offering (FPO). He described the attack as a dual blow targeting financial stability and sparking political controversy. Despite the challenges, the group returned ₹20,000 crore raised through the FPO and demonstrated resilience by securing international funding and reducing its debt-to-EBITDA ratio below 2.5 times.

Financial Strength and Regulatory Compliance:

Adani highlighted the group's robust financial performance, which remained unaffected by the allegations. Indian and international credit rating agencies upheld their ratings, and the Supreme Court of India validated the group’s approach. Adani reiterated their "absolute commitment to world-class compliance."

US Allegations in Context:

• The Adani Group clarified that the US Department of Justice indictment does not implicate Gautam Adani, Sagar Adani, or senior executive Vneet Jaain in bribery or corruption.
• Media reports alleging wrongdoing were labeled as "incorrect and reckless" by the group.

Adani Group’s Resilience:

In closing, Adani expressed confidence in the group's ability to rise stronger after every setback. "These challenges have not broken us; they have defined us. After every fall, we will rise again, stronger and more resilient than before," he said.

This response underscores the Adani Group's strategy to tackle adversities while maintaining operational excellence and financial stability.