In his first public reaction to indictment by US prosecutors, Adani Group chairman Gautam Adani said Saturday that “every attack” makes the group stronger and affirmed its “absolute commitment to world-class regulatory compliance“.
“This is not the first time we have faced such challenges… despite a lot of the vested reporting, no one from the Adani side has been charged with any violation of FCPA (America’s Foreign Corrupt Practices Act) or any conspiracy to obstruct justice,” Adani said while speaking at the 51st India Gem & Jewellery Awards in Jaipur.
In today’s world, negativity spreads faster than facts – and as we work through the legal process, I want to reconfirm our absolute commitment to world-class regulatory compliance, Adani Group chairman Gautam Adani said Saturday.
He recalled that in Jan last year, just as the group was getting ready to launch a follow-on public offering, it faced a short-selling attack initiated from abroad, a reference to the US-based Hindenburg Research report.
“This was not a typical financial strike; it was a double hit – targeting our financial stability and pulling us into a political controversy. All of this was further amplified by certain media with vested interests. But even in the face of such adversity, our commitment to our principles remained strong,” said Adani.
He said that after successfully raising Rs 20,000 crore from India’s largest-ever FPO, the company made “the extraordinary decision” to return the proceeds.
“Moreover, our all-time record financial results in the same year showcased our commitment to operational excellence. Not a single Indian or foreign credit rating agency downgraded us. Finally, Supreme Court’s affirmation of our actions validated our approach,” said Adani.
He said that he had come to accept that the roadblocks the group faces are “price of pioneering”. “The bolder your dreams, the more the world will scrutinise you. But it is precisely in that scrutiny that you must find the courage to rise, to challenge the status quo, and to build a path where none exists. To pioneer is to embrace the unknown, to break limits, and to believe in your vision even when the world cannot yet see it,” said Adani.
He also recalled the resistance to the group’s investment in a coal mine in Australia. “In fact, it was so intense that we ended up funding the entire project of $10 billion with our own equity,” Adani said, referring to opposition from NGOs.
“While we now have a world-class operating mine in Australia, and it could be seen as a great sign of our resilience, the fact is that 100% equity funding took away over $30 billion of debt financing from our green energy projects,” said Adani.
“Looking back, while we have had our successes, our challenges have been even bigger. However, these challenges have not broken us. Instead, they have defined us. They have made us tougher and give us the unshakeable belief that after every fall, we will rise again, stronger, and more resilient than before,” the Adani Group chairman said.
Adani Green Energy Ltd had said on Wednesday that Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of FCPA on the counts mentioned in the criminal indictment of the US Department of Justice (DoJ) or the civil complaint of the US Securities and Exchange Commission (SEC).
