Gautam Adani was speaking at the 51st India Gems and Jewelery Awards (IGJA) in Jaipur on Saturday evening.
Adani Group Chairman Gautam Adani has made his first public statement on the Hindenburg controversy and bribery allegations in the US. He said, 'Every obstacle that comes in the way of Adani Group has become a stepping stone to its success. The bigger your dreams, the more the world will test you.
He said that challenges never broke us, rather they made us stronger. He made us believe that after every fall we would get stronger. Gautam Adani was speaking at the 51st India Gems and Jewelery Awards (IGJA) in Jaipur on Saturday evening.
Gautam Adani, chairman of Adani Group, said – Even in adverse circumstances, we remained committed to our principles.
Giving 3 examples, Adani said – We were embroiled in a political controversy
1. Despite strong opposition, we have world-class mines in Australia When we started coal mining in Australia in 2010, our objective was to strengthen India in the energy sector. Our objective was to replace 2 tonnes of bad coal in India with 1 tonne of good quality coal from Australia. However, NGOs strongly opposed it and it continued for 10 years. The opposition was so strong that we funded the entire $10 billion project with our equity shares. Today we have world class coal mines in Australia. This shows our flexibility.
2. Targeted our economic stability and embroiled us in political controversy When we were about to launch a follow-on public offer (FPO) in January 2023, we faced an onslaught of short selling (selling of company shares in the stock market) against the company from abroad. This was not just an economic attack, it was a double attack. Not only was our economic stability targeted, we were also embroiled in political controversies. Many media organizations expanded it further to serve their own interests.
Even in those adverse circumstances we remained committed to our principles. After launching the country's largest FPO of Rs 20 thousand crore, we have taken some extraordinary decisions. We raised funds from multiple international sources and reduced our Debt to EBITDA ratio below 2.5 times. This metric is unmatched in the global infrastructure space.
Our financial results this year reflect our commitment to excellence. Not a single Indian or foreign rating agency has given us a down grade and finally even the Supreme Court justified our work and recognized the approach.
3. Not a single Adani person in the US has been charged A third example is recent. 2 weeks ago we faced some allegations from US regarding Adani Green Energy works. The truth is that no one in the Adani company has been charged with violating or conspiring with the US Foreign Corrupt Practices Act (FCPA). In today's world negativity spreads faster than facts.
Adani said that this is not the first time we have faced this kind of challenge. Each attack makes you stronger. Every obstacle becomes a stepping stone for the Adani Group. The obstacles we have faced are the price we have become as leaders.
Decline in jewelery exports a warning Gautam Adani said- India's diamond jewelery is the global crown of the cut and polished diamond market. India has a global market share of 26.5% in this industry. But the recent 14% decline in jewelery exports is a warning sign. This marks a turning point, where both temporary and permanent challenges demand that we reimagine our approach.
Adani said- The journey started from Mumbai Gautam Adani said his business journey began in 1978, when he was just 16 years old. He left his home and school in Ahmedabad and took a one-way ticket to Mumbai. He said- I knew I wanted to be a businessman, but didn't know how to start. I believed that Mumbai was a city of opportunities.
He said his first job was at Mahendra Brothers, where he learned the diamond trade. Recalling the first deal done there, he said – I did the first deal with Japanese customers and earned a commission of Rs 10,000. This was the first step in my entrepreneurial journey.
Gautam Adani charged with bribery and fraud in New York On November 21, eight people, including businessman Gautam Adani, were charged in the US for defrauding billions of rupees. The United States Attorney's Office said Adani paid or planned to pay $265 million (about Rs 2,200 crore) in bribes to Indian officials to secure contracts related to solar power in India.
The entire matter is related to Adani Group company Adani Green Energy Limited and another firm. The case was filed on 24 October 2024 in a federal court in New York. Gautam Adani, his nephew Sagar Adani, Vineet S Jain, Ranjit Gupta, Cyril Cabenis, Saurabh Agarwal, Deepak Malhotra and Rupesh Agarwal were named as accused in the hearing on November 20.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
