Adani Group Chairman Gautam Adani on Wednesday said the Hindenburg Research report went beyond criticism of his company. He described it as an attack on the confidence of Indian firms to aim for global scale.
In his letter to shareholders, Adani recalled 24 January 2023 as the day markets woke up to headlines that shook not just Dalal Street but the world.
“For your Group, it marked the beginning of a test that pushed every dimension of our resilience. It questioned our governance, our purpose and even the very idea that Indian companies could dare lead the world in scale and ambition,” Gautam Adani stated.
He further asserted that the Securities and Exchange Board of India (SEBI) had last week dismissed all charges against the Group and its executives.
The Adani Group Chairman noted, “With SEBI’s clear and final word, truth has prevailed or like we had always said — truth alone will prevail. What was meant to weaken us has instead strengthened the very core of our foundations.”
Gautam Adani called the outcome more than just regulatory relief, saying it validated the Group’s transparency and governance. He added that its performance during the crisis proved its resilience.
“What was intended to hurt us has instead become a defining inflection point by fortifying our foundations, sharpening our ambition and reaffirming our responsibility to build with scale, speed and resilience for India’s future,” Gautam Adani added.
The Adani Group Chairman admitted the turbulence caused anxiety among investors, lenders, suppliers, and partners. He said their faith helped the company endure.
“It was your trust that steadied us, your patience that sustained us and your belief that emboldened us. For this extraordinary support, I am profoundly grateful,” he said.
Roadmap Ahead
Looking ahead, the Adani Group Chairman pledged to raise governance standards and focus more on sustainability and innovation. He also promised heavy investment in infrastructure to support India’s long-term growth.
“Let this moment not merely restore confidence. Let it reaffirm what your company stands for – resilience in adversity, integrity in action and an unyielding commitment to building a brighter future for India and the world,” Gautam Adani concluded.
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