Adani Group AGM: Adani Group Chairman Gautam Adani addressed the 32nd Annual General Meeting today. Addressing shareholders, Adani Group chief Gautam Adani said that the American short-seller company had made a ‘vague criticism’ of us last year. He said, ‘This was an attempt to defame us. It was a two-pronged attack. Let us tell you that Gautam Adani is celebrating his 62nd birthday today.
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Did Gautam Adani say anything?
Speaking at the AGM, the Adani Group chief said that even after the Hindenburg attack, the group had raised Rs. 40,000 crores was managed to be collected. Gautam Adani said, “We faced baseless allegations from a foreign short seller company last year. That report sought to call into question his decades of hard work. But we fought honestly and showed that no challenge can weaken us. The ability to fight opposition, faith in our abilities and commitment to our cause are our foundations.”
‘A two-pronged attack on us’
On the Hindenburg report, Gaumat Adani said that the attack was two-pronged. Which was totally different from other short seller companies. This happened two days before our FPO closed. It was a planned attack. Let us tell you that after this report, Adani Group made its successful Rs. 20,000 crore IPO was withdrawn. At the same time, shares of the group’s listed companies saw a steep decline.
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The head of Adani Group said that despite all the difficulties, we have repaid the loan on time. Due to which the debt to EBITDA ratio has decreased by 2.5 times in 6 months. He told the shareholders that financial groups like rating agencies, GQG, Total Energy have also expressed confidence in our commitment and work style. The year 2023 has been a year of record-breaking achievements for us as well as highlighting the country’s priorities.
What is the future plan?
Gautam Adani shared his future plans with everyone. He said the group will produce 30 GW of green energy in the next 5 years. Which would be enough for countries like Belgium and Switzerland. Adani Group Energy has raised its target from 45 GW to 50 GW for FY2029-30. He said the group has increased production by 2.8 GW this year. Airport and port business is also doing well. He said the group’s dream is to achieve a cement production capacity of 140 million tonnes per annum by 2028.