Adani's 2024 annual general meeting: Gautam Adani alleges conspiracy to defame him

During the 32nd yearly meeting, Gautam Adani, Chairman of the Adani Group, commented on the Hindenburg event, rejecting the short-seller's lengthy report as "unfounded allegations." He characterized the report as a dual assault that scrutinized the organization's financial status and twisted facts, pulling them into a political clash. Adani pointed out that the attack was specifically timed to disrupt their Follow-on Public Offer.

Hindenburg Fiasco

Hindenburg's findings alleged the Adani Group engaged in stock manipulation and inappropriate utilization of tax havens, leading to a decline in the conglomerate's stock prices. Yet, a group of experts designated by the highest court did not uncover any concrete proof of stock manipulation but suggested enhancements in regulations to safeguard investors. Adani alleged that the report, amplified by specific media segments, was intended to slander the group and diminish their market worth.

Despite the chaos, the Adani Group secured an extra Rs 40,000 crore to address debt payments for the upcoming two years. Adani stressed the importance of protecting the portfolio from fluctuations by making a prepayment of Rs 17,500 crore in margin-linked financing, which resulted in an improvement in the group's net debt to EBITDA ratio from 3.3 to 2.2.

Adani emphasized the group's commitment to operational excellence and open disclosures, as recognized by rating agencies and global investors such as GQG Partners, TotalEnergies, IHC, QIA, and the US Development Finance Corporation.

Adani showed confidence in India's potential for growth, fueled by the government's focus on improving infrastructure. He pointed out that the government has increased infrastructure funding by 16% to over Rs 11 lakh crore for the current financial year, with annual spending tripling over the last five years. Adani emphasized the importance of state governments in carrying out these projects and positioned the company to take advantage of continuing economic and social programs.

Plans for the future and updates on different segments

Adani detailed the group's ambitious objectives, which consist of building 30 GW of capacity within the next five years, enough to provide electricity for countries like Belgium and Switzerland. Adani Green Energy increased its target for FY 2029-30 to 50 GW from 45 GW, with an additional 2.8 GW added this year, contributing to 15% of India's total renewable capacity addition.

The number of passengers traveling through Adani-run airports was recorded at 88.6 million. The team's goal is to reach a total cement capacity of 140 million tonnes per year by 2028, with Ambuja Cements having a significant involvement in initiatives such as India's longest sea bridge, the 21.9 km Mumbai trans harbour link.

Adani Energy Solutions has a transmission order book worth Rs 17,000 crore, while the smart metering order book has grown to 228 lakh units.

In general, Adani reaffirmed the group's dedication to strength, expansion, and participation in India's infrastructure progress.