SEBI Verdict Frees Adani, $150 Billion Scandal Shadows Lift
Adani Group triumphs over Hindenburg claims, proving resilience.
Gautam Adani, chairman of the Adani Group, hailed the Securities and Exchange Board of India’s (SEBI) dismissal of Hindenburg Research’s allegations as a “triumphant validation” of the conglomerate’s transparency and governance. In a passionate letter to shareholders, Adani declared that “truth has triumphed” following a challenging two-year scrutiny sparked by the 2023 Hindenburg report, which led to a staggering USD 150 billion drop in the group’s market value.
The Hindenburg report, described by Adani as an attack on Indian ambition, accused the group of market manipulation and improper fund channeling. SEBI’s recent ruling debunked these claims, stating no violations were found in the group’s operations, which span ports, coal, renewable energy, media, and airports. “This is more than a clearance; it’s a testament to our unwavering commitment to integrity,” Adani wrote.
Despite the crisis, Adani Group has shown remarkable recovery. The conglomerate reported a 57% surge in portfolio EBITDA to Rs 89,806 crore (USD 10.8 billion) and a 48% growth in gross block assets to Rs 6.1 lakh crore. Key achievements include launching India’s first container transshipment port in Vizhinjam, Kerala, adding 6 GW of renewable capacity through the Khavda project—the world’s largest single-location renewable site—and commissioning a major copper smelter and 4 GW of thermal capacity.
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Adani emphasized resilience, stating, “What was meant to break us has only made us stronger.” He outlined plans to bolster governance, drive innovation, and deepen infrastructure investments, reaffirming the group’s role in nation-building. Acknowledging the concerns of investors and partners during the turmoil, he vowed to push forward with sustainability and bold growth.
Quoting poet Sohan Lal Dwivedi, Adani concluded, “The boat that fears the waves can never reach the shore, but those who keep on trying will win forevermore.” This rallying cry underscores the group’s determination to continue shaping India’s future with resilience and vision.
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