India
Roadblocks are the price of pioneering: Gautam Adani | India News – Times of India
“This is not the first time we have faced such challenges… despite much established reporting, no one from the Adani side has been charged with any violation of the FCPA (America’s Foreign Corrupt Practices Act) or any conspiracy to obstruct justice . ” Adani said while speaking at the 51st India Gem & Jewelery Awards in Jaipur.
In today’s world, negativity spreads faster than facts – and as we move through the legal process, I want to reaffirm our absolute commitment to world-class regulatory compliance, Gautam Adani, Chairman of the Adani Group, said on Saturday.
He recalled that in January last year, just as the group was preparing to launch a follow-on grant, it encountered a short-selling attack initiated from abroad, a reference to the US-based Hindenburg Research report.
“This was not a typical financial strike; it was a double whammy – targeting our financial stability and dragging us into a political controversy. All this was further amplified by certain media with vested interests. But even in the face of such setbacks, our commitment to our principles remained strong,” said Adani.
He said that after successfully raising Rs 20,000 crore from India’s largest ever FPO, the company had taken “the extraordinary decision” to return the proceeds.
“In addition, our record financial results in the same year demonstrated our commitment to operational excellence. No Indian or foreign rating agency has downgraded us. Finally, the confirmation of our actions by the Supreme Court has validated our approach,” Adani said.
He said he had come to accept that the roadblocks the group faces are the “price of pioneering”. “The bolder your dreams, the more the world will scrutinize you. But it is precisely in that exploration that you must find the courage to stand up, challenge the status quo and build a path where none exists. Pioneering is embracing the unknown, breaking boundaries and believing in your vision even when the world cannot see it yet,” said Adani.
He also recalled the opposition to the group’s investment in a coal mine in Australia. “In fact, it was so intense that we ended up financing the entire $10 billion project with equity,” Adani said, referring to opposition from NGOs.
“While we now have a world-class mine in Australia, and this could be seen as a great sign of our resilience, the fact is that 100% equity financing has removed over $30 billion of debt financing from our green energy projects.” Adani said.
“Looking back, even as we have had our successes, our challenges have been even greater. However, these challenges have not broken us. Instead, they defined us. They have made us stronger and given us the unwavering belief that after every fall, we will rise again, stronger and more resilient than before,” the Adani Group Chairman said.
Adani Green Energy Ltd had said on Wednesday that Gautam Adani, Sagar Adani and Vneet Jaain have not been charged with any violation of FCPA on the charges mentioned in the US Department of Justice (DOJ) criminal complaint or the US civil complaint . Securities and Exchange Commission (SEC).
