- By Aditya Pratap Singh
- Mon, 24 Jun 2024 01:29 PM (IST)
- Source:JND
Gautam Adani: At the group's 32nd Annual General Meeting (AGM), Adani Group Chairman Gautam Adani discussed the Hindenburg report and claimed that last year's scathing report released by the US short-seller was a "vague criticism." He said that it was designed to discredit and it was a vague criticism of our financial situation.
The Adani Group chairman declared that the group was able to raise Rs 40,000 crore even after the Hindenburg assault. Last year, we were subjected to baseless accusations by a foreign short-selling company. This report attempted to cast doubt on decades of hard labor. But we battled honestly and demonstrated that no challenge can weaken us. The ability to confront opposition, our confidence in our abilities, and our commitment to our objective are our foundation, Gautam Adani remarked.
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The Adani group chairman said that this attack on the company was two-folded and this was quite different from other short-selling companies. This allegation occurred two days before the closure of our FPO and it was a well-planned attack. Furthermore, the shares of the group's listed companies saw a significant drop.
The Adani Group chairman stated that despite all the problems, we repaid the loan on time. As a result, the debt-to-EBITDA ratio decreased by 2.5x in 6 months. Rating agencies, GQG, and Total Energy have expressed confidence in our dedication and business style, he told shareholders. The year 2023 has been a year full of record achievements for us, as well as highlighting the country's priorities.
Gautam Adani shared his plan with everyone. He stated that the group would generate 30 gigawatts of green energy over the next five years. This will be sufficient for countries like Belgium and Switzerland. Adani Group Energy increased its target from 45 GW to 50 GW for the financial year 2029-30. This year, the group increased production by 2.8 GW, he stated. Airport and port businesses are also doing well. He said that the group has a goal of reaching a yearly cement production capacity of 140 million tonnes by 2028.