Sunday, December 15
At the 51st India Gem & Jewellery Awards in Jaipur, Gautam Adani, Chairman of Adani Group, shared a reflective account of the challenges the group faced following the allegations by U.S. short-seller Hindenburg. Adani highlighted that the attack, which came just before their Follow-on Public Offering (FPO) launch in January, wasn’t just a financial assault—it also aimed to destabilize the group and drag it into political controversy. Despite these hurdles, Adani emphasized the strength and resilience of the Adani Group in overcoming adversity. Recalling how the group rose to the occasion, Adani spoke of how they successfully raised ₹20,000 crore through India's largest-ever FPO, and made the bold decision to return the proceeds. The group also raised capital from international sources, while proactively reducing their Debt to EBITDA ratio, setting new global standards. He noted that despite the challenges, Adani Group’s financial results reached new heights, with no downgrade from Indian or foreign credit agencies. Adani also mentioned how the Supreme Court of India's affirmation of their actions further validated their approach.
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