Adani ready to spend in the growing Infrastructure Industry

During the annual general meeting (AGM) of Adani Enterprises, chairman Gautam Adani stated that the group is in a strong position to benefit from opportunities in India's infrastructure sector.

He mentioned that a significant amount of the funding and implementation for these infrastructure expenditures occur at the state level.

Adani stated during the 32nd AGM on Monday that the company is fundamentally an 'infrastructure company' and that they are in a good position to take advantage of future opportunities.

Adani stated that India is projected to invest a total of $2.5 trillion in infrastructure.

Focusing on the importance of states in India's infrastructure investment, he mentioned that although the national narrative influences infrastructure spending, a significant portion of the funding and implementation happens at the state level.

He also mentioned that the group operates in 24 Indian states and they have seen firsthand how important state governments are in executing the initiatives.

Other highlights in the AGM includes Adani recalling the Hindunberg episode and called it a 'two-sided attack', which questioned their decades of hardwork.

In January 2023, Hindenburg Research, a company based in the US, made various claims regarding financial irregularities at Adani Group companies.

The report closely followed Adani Enterprises' Rs 20,000 crore follow-on public offer (FPO).

Even though the company raised the targeted funds, it chose to cancel the FPO and returned the proceeds.