New Delhi: In a strongly-worded letter to shareholders on Wednesday, Adani Group chairman Gautam Adani hailed the Securities and Exchange Board of India’s (SEBI) dismissal of major allegations from the Hindenburg Research report as a “powerful validation” of the conglomerate’s governance and transparency, declaring that “truth has prevailed.”
More than two years after the controversial short-seller report triggered a USD 150 billion selloff in Adani Group stocks, Adani said SEBI’s decision marked the end of an intense scrutiny period that tested “every dimension” of the group’s resilience.
Referring to the January 2023 Hindenburg report, which he described as a moment that shook India’s markets, Adani said the attack was not only on the group but also “a direct challenge to the audacity of Indian enterprises to dream on a global scale.”
Last week, SEBI cleared the Adani Group of allegations regarding market manipulation and related-party transactions raised by Hindenburg. The regulator concluded that the fraud claims were “not established” and confirmed there had been “no violation” by the group, which operates across ports, coal, renewable energy, media, and airports.
“What was meant to weaken us has instead strengthened the very core of our foundations,” Adani wrote. “This moment is more than a regulatory clearance; it is a powerful validation of the transparency, governance, and purpose with which your company has always operated.”
Since the Hindenburg report, the group has shown operational recovery, even if market capitalisation has yet to fully rebound. Over two years, Adani reported a 57% jump in portfolio EBITDA to Rs 89,806 crore (USD 10.8 billion) and a 48% increase in gross block assets to Rs 6.1 lakh crore.
He highlighted several major infrastructure milestones achieved during this period:
- Commissioning of India’s first container transshipment port at Vizhinjam, Kerala.
- Addition of 6 GW renewable capacity, including the Khavda project, the world’s largest single-location renewable site.
- Commissioning of the world’s largest copper smelter and metallurgical complex.
- Addition of 4 GW of new thermal capacity and 7,000 circuit km of transmission lines in India and overseas.
Adani said the group would now focus on strengthening governance, accelerating innovation, and deepening infrastructure investments. “We will double down on nation building,” he wrote, acknowledging the anxiety faced by investors, lenders, and partners during the crisis.
Looking ahead, he pledged to reinforce governance, promote innovation and sustainability, and expand investments in national infrastructure.
He concluded with a call to uphold the company’s core values: “resilience in adversity, integrity in action, and an unyielding commitment to building a brighter future for India and the world.” The letter ended with a quote from poet Sohan Lal Dwivedi:
“The boat that fears the waves can never reach the shore,
But those who keep on trying will win forevermore…”
Adani urged shareholders to continue embracing boldness and perseverance.
