Industrialist Gautam Adani at the Annual General Meeting of the Adani Group held on Tuesday accused the US-based short-seller Hindenburg Research of trying to malign the company's reputation with its report, which he termed as a ‘combination of targeted misinformation and discredited allegations'.
Adani said the Hindenburg report was released just before the conglomerate was supposed to follow on its public offering and was a deliberate attempt at damaging the image of the company.
"The report was a combination of targeted misinformation and discredited allegations. The majority of them date from 2004 to 2015. They were all settled by authorities at that time. This report was a deliberate and malicious attempt aimed at damaging our reputation," said Adani.
Adani further added that the company is confident of its governance and disclosure standards. He also said that the report of the supreme court committee helped build confidence in the group.
"Adani Group raised several billions from international investors. No Credit agency internationally cut any ratings of the Adani Group," Adani Group Chairperson said.
Adani Group's success
At the AGM Gautam Adani while speaking about the success of Adani Group said, Adani Group balance Sheet, assets, operating cash flows continue to get stronger. The pace of acquiring business and turning them around is unmatched across India."
He also said that the operational and financial results for the Financial year 2023 are proof of the company's success and continued expansion of its customer base. He further spoke about the international and national partnerships and successful expansion in Australia, Bangladesh, Sri Lanka and Israel.
India to become third largest economy
Adani also mentioned the difficulty in predicting economic cycles due to the global situations. But he said, "India's economy, already the world's fifth largest, will become third largest before 2030."
He also asserted that India is on track of becoming a $25-30 trillion economy by 2050 and India will add a trillion dollars to GDP every 18 months within the next decade.
"India's stock market capitalisation will grow to over $40 trillion by 2050," Adani added.