‘Every attack makes us stronger; every obstacle a stepping stone for us’: Gautam Adani breaks silence on US charges

Adani Group chairman Gautam Adani on November 30 said “every attack makes us stronger, every obstacle becomes a stepping stone for a more resilient Adani Group”, while breaking his silence on the US indictment against the conglomerate.

Adani was speaking in Jaipur at the 51st Gem & Jewellery Awards. “This is not the first time we faced such challenges,” he said, adding that no one from the Adani Group was named in the FCPA or faced charges for “conspiration to obstruct justice”.

Speaking further, Adani said, “As most of you would have read less than 2 weeks back, we faced a set of allegations from the US about compliance practises at Adani Green Energy. Despite a lot of the vested reporting, no one from the Adani side has been charged with any violation of the FCPA or any conspiracy to obstruct justice. In today’s world, negativity spreads faster than facts. As we work through the legal process, I want to reconfirm our absolute commitment to world-class regulatory compliance…”

The ports-to-power conglomerate has previously denied the charges as “baseless” and vowed to seek “all possible legal recourse”.

Highlighting last year’s Hindenburg Research’s hit job on the group, the Adani chairman without naming the research body, said, “In January last year, just as we were getting ready to launch our Follow-on Public Offering. We faced a short-selling attack initiated from abroad. This was not a typical financial strike; it was a double hit-targeting our financial stability and pulling us into a political controversy. All of this was further amplified by certain media with vested interests. But even in the face of such adversity, our commitment to our principles remained strong. After successfully raising Rs 20,000 crore from India’s largest-ever FPO, we made the extraordinary decision to return the proceeds.”

We further demonstrated our resilience by raising capital from several international sources and proactively reducing our debt to EBITDA ratio to below 2.5 times, an unmatched metric in the global infrastructure space, he said. Moreover, our all-time record financial results in the same year showcased our commitment to operational excellence. Not a single Indian or foreign credit rating agency downgraded us. Finally, the Supreme Court of India’s affirmation of our actions validated our approach, he added.

Speaking about the Dharavi redevelopment project, the Adani group chief said that it is not just about slum redevelopment project for him, but it is about restoring dignity and an opportunity to transform the lives of 1 million residents.

Recalling his early days as an entrepreneur, Adani said, “Diamond trading was my first entry point in my journey to become an entrepreneur. In the year 1978, at the age of 16, I left my school, left my home in Ahmedabad and took a one-way ticket to Mumbai. I had no idea what I would do but I was clear that I wanted to be an entrepreneur and I believed Mumbai was the city of opportunities that would give me this chance. I got my first opportunity at Mahendra Brothers where I learned the art of diamond assorting. Even today I recall the joy of closing my first deal. It was a transaction with a Japanese buyer and I got a commission of Rs 10,000. That day marked the start of a journey that would shape the way I would live my life as an entrepreneur. What I learned as a teenager was that trading does not come with a safety net. It is a discipline where you must find the courage to fly without any protective nets…”

The Adani chairman said that India is the jewel in the global crown of the cut and polished diamond market, holding 26.5% of the share and silver jewellery is at 30%. But the recent 14% decline in exports, is more than a statistic, it is a wakeup call, he said.

“The rise of lab-grown diamonds, the demand for transparency and ethical practices, shifting consumer priorities and the digital wave are not just disrupting the status quo. They are creating a new blueprint necessary for success. This is therefore our moment to lead,” he added.