Gautam Adani, the chief of Adani Enterprise shed light upon Adani Group’s balance sheet and called the Hindenburg report an attempt to malign the company’s image.
Adani shed light upon Adani Group’s balance sheet
Gautam Adani, the chief of Adani Enterprise shed light upon Adani Group’s balance sheet and called the Hindenburg report an attempt to malign the company’s image.
Adani even spoke about how India is on track to expand tenfold to become a $25-$30 trillion economy by 2050 even as the world faces inflation, climate, geopolitical, supply-chain, and energy challenges.
While the economic cycles are getting increasingly harder to predict, India’s demographic dividend is expected to drive consumption, and accelerate the growth of a tax-paying society at a record pace, Adani said while addressing the shareholders virtually at the AGM.
Here are the key takeaways of the Adani Enterprises AGM:
Adani called out the Hindenburg research report a combination of targeted misinformation and discredited allegations. The majority of them dating from 2004-2015, they were all settled by authorities at that time. This report was a deliberate and malicious attempt aimed at damaging Adani Group's reputation.
Gautam Adani also validated India’s growth trajectory to become a $25-30 trillion economy by 2050. He anticipates that India will add a trillion dollars to GDP every 18 months within the next decade. India’s stock capitalization will grow to over $40 trillion by 2050.
Adani spoke about the key projects of the Adani group. He talked about Navi Mumbai Airport and copper smelter. New business accounted for 50 per cent of Adani Enterprises’ FY23 EBITDA. He also reaffirmed the target of 45 GW of renewable energy capacity by 2030. Adani group is set to play a critical role in India’s net zero journeys, said Adani.
Adani pointed out that the group continues to attract global investment partners aligned with our long-term approach to building and operating world-class assets. Also, pointed out that the Group successfully executed the second transaction with GQG partners of $1.87 billion despite the market conditions.
Talking about acquiring the news channel, Adani said that NDTV is expanding its international programming and coverage to cater to a larger audience of not just in India but across the globe.
Adani also shed light on the company’s performance, talking about Adani Total Gas's transformation into a full-spectrum energy provider.
Adani Ports continue to be one of the most profitable port operators globally. By 2030, the port will be transformed into India’s largest transport utility capable of handling a billion tons of cargo annually, shared Adani.