Months after the Hindenburg Research report made damning allegations against the Adani Group, claims of shell firms being used to inflate stocks continue to haunt the conglomerate. As the political opposition appears split on the Adani-Hindenburg fiasco, Rahul Gandhi had raised questions about shell companies bringing Rs 20,000 crore into the group.
In a report appearing to counter Gandhi's claims, the Adani Group has released a breakdown of how group firms raised $2.6 billion from stake sales.
Counters without naming Gandhi
The port-to-airport conglomerate provided data on stake sales in its firms in the past four years, and how funds from that was reinvested into the group's growth.
An investment of $2.6 billion came from Abu Dhabi's International Holding Company, while Adani Enterprise and Adani Green Energy sold stakes worth almost $2.8 billion.
All the proceeds were later invested back into the conglomerate's other firms, by promoter held firms and not by obscure companies.
Shell companies of group firms?
TotalEnergies, Adani's French partner which has halted a green hydrogen project with it post the Hindenburg fiasco, also bought an investment vehicle for some of the funding.
The Adani conglomerate has said that the firms being called shell companies by some people, are actually group entities.
It also added that the Adani family bought stakes in AGEL from the proceeds fo a secondary share sale.
