Hindenburg report deliberate, malicious attempt to damage reputation: Adani

Gautam Adani added that the Securities and Exchange Board of India is still to submit its report, but the group remains 'confident of governance and disclosure standards'

The report released by US-based short seller Hindenburg in January was a "combination of targeted misinformation and discredited allegations" and a "deliberate and malicious attempt" at damaging the Adani Group's reputation, Gautam Adani said on Tuesday.

Speaking at the group's annual general meeting (AGM), its chief Adani said the report aimed to generate profits from a short-term drive down of the stock prices.

"The majority of allegations dated from 2004 to 2015. They were all settled by appropriate authorities at that time," he said.

"While we promptly issued a comprehensive rebuttal, various vested interests tried to exploit the claims made by the short seller. These entities encouraged and promoted false narratives across various news and social media platforms."

 

Adani added that the Supreme Court-appointed committee found no regulatory failure.

"The committee's report not only observed that the mitigating measures undertaken by the company helped rebuilt confidence but also cited that there were credible charges of targeted destabilisation of the Indian markets," Adani said.

He added that the Securities and Exchange Board of India (Sebi) is still to submit its report, but "we remain confident of our governance and disclosure standards".

"It is my commitment that we will continue to strive to keep improving this every single day," he said.

Also Read: Adani's go-to bankers at Barclays turn cautious after Hindenburg report

Adani also said that during the crisis, the group raised billions of dollars from overseas as well as domestic investors. And no credit agencies cut any of the group's ratings.

"This is the strongest validation of the belief that investors have in the company's governance and capital allocation exercises."

Reiterating the faith in India, Adani said, "While economic cycles are becoming increasingly hard to forecast, there is little doubt that India will become the world's third largest economy well before 2030 and second largest by 2050."

Largest hybrid renewables park in the world

Adani also announced that Adani Green is now making the world's largest hybrid renewables park in the world at Khavda.

"It will be the most complex and ambitious project that we have ever executed," he said.

Spread over 72,000 acres, this project will be capable of generating 20 GW of green energy. "And we intend to build it faster than any project in our execution history."

Adani reaffirmed that the group will achieve 45 GW of renewable energy capacity by 2030.