'Hindenburg Incident Was Designed To Defame Us', Says Gautam Adani During AGM 2024

Adani Group Chairman Gautam Adani addressed the Hindenburg incident during the 32nd annual general meeting of the conglomerate, dismissing the short-seller’s over 100-pages report as “baseless accusations”.

“It was a two-sided attack — a vague criticism of our financial standing and, at the same time, an information distortion campaign, dragging us into a political battlefield. The attack was a calculated strike two days before the closing of our follow-on public offer,” said Adani about the US short seller’s scathing report against the conglomerate last year.

Hindenburg Case

Hindenburg’s report accused the Adani Group of stock manipulation and misuse of tax havens, causing a significant sell-off in the conglomerate. However, a Supreme Court-appointed expert panel later found no conclusive evidence of stock manipulation. The panel did, however, suggest regulatory improvements to protect investors.

Adani criticised certain media segments for amplifying the attack, aiming to tarnish the group’s reputation and erode market value. “Amplified by a segment of vested media, it was designed to defame us, do maximum damage and erode our hard-earned market value,” he added.

Despite these challenges, Adani emphasised the group’s resilience, noting that they raised an additional Rs 40,000 crore to cover two years of debt repayment and pre-paid Rs 17,500 crore in margin-linked financing. This improved the group’s net debt to EBITDA ratio from 3.3 to 2.2.

Strong Financial Backing

Adani highlighted the group’s commitment to operational excellence and transparency, validated by rating agencies, the financial community, and respected global investors such as GQG Partners, TotalEnergies, IHC, QIA, and the US Development Finance Corporation.

“Our commitment to operational excellence and transparent disclosures was validated not only by rating agencies and the well-informed financial community, but also by respected global investors,” Adani affirmed.

Optimism for India’s Growth

The Adani Group is optimistic about India’s domestic growth, buoyed by the government’s increased infrastructure spending, which has risen by 16 per cent to over Rs 11 lakh crore for the current financial year. Adani emphasized the crucial role of state governments in implementing infrastructure initiatives.

“Given the multiplier effect, the government of India has rightly focused on infrastructure development by raising its funding by 16 per cent to over Rs 11 lakh crore for this financial year. It is worthwhile to note that annual spending has tripled in the last 5 years,” Adani remarked.

Future Plans and Segment Updates

Adani outlined the conglomerate’s ambitious plans, including developing 30 GW of capacity in the next five years—enough to power nations like Belgium and Switzerland. Adani Green Energy has revised its FY 2029-30 target from 45 GW to 50 GW, adding 2.8 GW this year alone, representing 15% of India’s total renewable capacity addition.

Passenger traffic at Adani-operated airports reached 88.6 million, and the group’s cement ambitions aim for a combined capacity of 140 million tonnes per annum by 2028. Notably, Ambuja Cements was the lead supplier for India’s longest sea bridge, the 21.9 km Mumbai trans harbour link.

For Adani Energy Solutions, the transmission order book stands at ₹17,000 crore, with an expanded smart metering order book of 228 lakh units.

Adani Energy Solutions’ transmission order book stands at Rs 17,000 crore, and our smart metering order book has expanded to 228 lakh units.