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Business News/ News / India/  Adani AGM 2023: From Hindenburg report to expansion plans. 10 key points from Gautam Adani's speech
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Adani AGM 2023: From Hindenburg report to expansion plans. 10 key points from Gautam Adani's speech

In the Annual General Meeting of Adani Group, Chairman Gautam Adani defended the conglomerate's reputation and called the Hindenburg report an attempt to malign the company

Gautam Adani, chairman of the Adani Group.Premium
Gautam Adani, chairman of the Adani Group.

In his first address to company shareholders after the Hindenburg crisis, billionaire businessman Gautam Adani shed light upon Adani group's balance sheet and called the Hindenburg report an attempt to malign the company's image.

Adani Annual General Meeting Live updates

He called the report a combination of targeted misinformation and discredited allegations. He also said that the majority of the information mentioned in the report dated from 2004 to 2015.

Here are the key things said by Gautam Adani in Annual General Meeting 2023

-The report was a combination of targeted misinformation and discredited allegations. The majority of them dating 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.

Also Read: Adani Group commissions India's first transnational power project to supply electricity to Bangladesh; check details

-Validating India's growth trajectory to become a $25-30 trillion economy by 2050, Gautam Adani said that he anticipates that 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.

-Gautam Adani also highlighted the time of releasing the report. He said that the US-based short seller Hindenburg Research released report just before the company's follow on public offer.

Also REad: Adani raises $1.4 billion from stake sale in 3 companies; $9 billion raised in 4 years

-He also mentioned about the key projects underway of teh Adani Group. He talked about Navi Mumbai Airport and copper smelter. New business accounted for 50% of Adani Enterprises’ FY23 EBITDA, We reaffirm the target of 45 GW renewable energy capacity by 2030. Adani Group is set to play a critical role in India’s net zero journey, said Gautam Adani.

-The Adani Group continues to attract global investment partners aligned to our long-term approach of building and operating world-class assets. In March 2023, we successfully executed a secondary transaction with GQG partners of USD1.87 billion despite the volatile market conditions, said Gautam Adani.

Also Read: Adani Power to Adani Enterprises: Adani Group shares zoom after Gautam Adani's speech at AGM 2023

-Informing about its recently acquired NDTV news channel, Gautam Adani said that NDTV is expanding its international programming and coverage to cater a larger audience of not just India but of across the globe.

-GQG Partnership: Adani Group chairman also mentioned conglomerate's partnership with GQG. The international firm entered into a deal with Adani Group despite the prevalent volatile conditions in the market. 

“In March 2023, we successfully executed a secondary transaction with GQG partners of USD1.87 billion despite the volatile market conditions," said Gautam Adani.

-Adani Total Gas transforming into a full spectrum energy provider: While addressing shareholders, Gautam Adani said that the Adani Total Gas Limited expanded access to clean cooking fuel to 1,24,000 households in 2023 with a 46% increase in revenue to 4,683 crore. 

“ATGL is transforming into a full spectrum sustainable energy provider with rapidly expanding urban EV charging infrastructure and biofuel businesses," he said.

-Adani Transmission limited: Boasting the growth of Adani Transmission Limited, Gautam Adani said that the arm is flourishing because of growing transmission business. 

"ATL’s revenues are anticipated to expand by 18% and cross 4,000 crore in annuity income. I am also very pleased to state that ATL’s Mumbai distribution business achieved reliability of 99.99% and was ranked the No.1 discom by the Union Ministry of Power. ATL will also take Mumbai to 60% renewable power making it the first mega city in the world to achieve over 50% power from solar & wind," said Gautam Adani.

-Adani Ports: Adani Ports continues to be one of the most profitable port operators globally. By 2030, the port will be transformed into India's largest transport utility capable of handling a billion tonnes of cargo annually, shared Gautam Adani with investors in the AGM.

“By 2030, APSEZ will be carbon neutral and will also have tripled its EBIDTA. In the next 12-24 months, APSEZ will commission India’s largest transshipment hub in Vizhinjam, and also a port in a Colombo," said Gautam Adani.

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Published: 18 Jul 2023, 11:02 AM IST
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