'Every Attack Made Us...': Gautam Adani's First Reaction On US Indictment

Gautam Adani reacted to the recent allegations pertaining to a bribery case in the US and said that every attack has made the group stronger.

Gautam Adani, Chairman, Adani Group, speaking at the 51st Gem & Jewellery Awards, in Jaipur on Saturday. (ANI Photo)

Jaipur: The Adani Group Chairman, Gautam Adani on Saturday spoke out on the recent allegations faced by him and other executives after being linked to an alleged bribery case in the US, saying that every attack has made the group stronger, and every obstacle becomes a stepping stone for a more resilient Adani Group.

Speaking at the 51st India Gem and Jewellery Awards in Jaipur, the Adani Group Chairman said, "Less than two weeks back, we faced a set of allegations from the US about compliance practices at Adani Green Energy. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger, and every obstacle becomes a stepping stone for a more resilient Adani Group."

"The fact is that despite a lot of the vested reporting, no one from the Adani side has been charged with any violation of the FCPA or any conspiracy to obstruct justice," the Adani Group Chairman added. The Adani Group Chairman also reflected on the consistent allegations made against his companies, including the attempt made by US short seller Hindenburg.

"January last year, just as we were getting ready to launch our Follow-on Public Offering. We faced a short-selling attack initiated from abroad. This was not a typical financial strike; it was a double hit--targeting our financial stability and pulling us into a political controversy," he said.

"But even in the face of such adversity, our commitment to our principles remained strong. After successfully raising 20,000 crore rupees from India's largest-ever FPO, we made the extraordinary decision to return the proceeds. We then further demonstrated our resilience by raising capital from several international sources and proactively reducing our Debt to EBITDA ratio to below 2.5 times, an unmatched metric in the global infrastructure space," he added.

Gautam Adani stated that the company's all-time record financial results in the same year showcased its commitment to operational excellence. "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, the Supreme Court of India's affirmation of our actions validated our approach," he said.

Gautam Adani also mentioned the 2010 controversy when the company made a move to invest in a coal mine in Australia. "The resistance from NGOs was huge and lasted almost a decade. In fact, it was so intense that we ended up funding the entire project of 10 billion dollars with our own equity. 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 dollars of debt financing from our green energy projects," he recollected.

Gautam Adani further added that he had come to accept that the roadblocks were the price of pioneering. "I have come to accept that the roadblocks we face are the price of pioneering. The more bold your dreams, the more the world will scrutinize 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," he asserted.

In his speech the Adani Group chairman gave the audience three guiding thoughts, "First, embrace technology and sustainability as the twin pillars of progress.... Second, empower and uplift the skilled workforce at the heart of our transformation.... And finally, the future belongs to our youth. The younger generation brings fresh ideas, unshakeable energy, and a willingness to disrupt the old ways of thinking. We must nurture them."

"Let us create an India where the wisdom of tradition, and the promise of innovation come together to challenge the status quo. And let us move forward with confidence to create a future where India's gems illuminate the world with their brilliance," Gautam Adani concluded.