In a powerful message to shareholders, Adani Group chairman Gautam Adani heralded the market regulator SEBI’s dismissal of critical allegations from the Hindenburg Research report as a resounding endorsement of the conglomerate’s commitment to strong governance and transparency. He confidently declared that “truth has unequivocally prevailed.”
This announcement comes over two years after a damaging short-seller report ignited a massive $150 billion selloff in the group’s stocks. Mr. Adani noted that SEBI’s decisive action marks the conclusion of an intense period of scrutiny that thoroughly tested every facet of the group’s resilience.
Reflecting on the January 2023 Hindenburg Research report, which sent shockwaves through Indian markets, he emphasized that the challenge extended beyond the Adani Group itself. It was, he stated, “a direct challenge to the ambition of Indian enterprises aspiring to operate on a global scale.” Just last week, SEBI officially cleared the Adani Group of market manipulation allegations initially made by the now-defunct Hindenburg Research in January 2023.
The market regulator’s investigation found that fraud accusations by Hindenburg concerning Adani’s related-party transactions were “not established.” The short-seller had previously claimed that funds were improperly channeled into several Adani companies.
SEBI confirmed that there had been “no violation” by the Adani Group, a diversified conglomerate with substantial operations across vital sectors including ports, coal, renewable energy, media, and airports.
Mr. Adani expressed that “what was intended to weaken us has, in fact, fortified the very core of our foundations.” He asserted, “This moment transcends mere regulatory clearance; it is a profound validation of the transparency, governance, and purposeful operations that have always defined our company.” Since the Hindenburg report, the group has demonstrated significant operational recovery, achieving a 57% surge in portfolio EBITDA over two years, reaching ₹89,806 crore ($10.8 billion), and a 48% expansion in gross block assets to ₹6.1 lakh crore.
He further highlighted key infrastructure achievements from the past two years.
These include the inauguration of India’s first container transshipment port in Vizhinjam, Kerala; the addition of 6 GW in renewable energy capacity, primarily driven by the Khavda project, recognized as the world’s largest single-location renewable site; the establishment of the world’s largest copper smelter and metallurgical complex; and the deployment of 4 GW of new thermal capacity along with 7,000 circuit kilometers of transmission lines both domestically and internationally.
Moving forward, Mr. Adani affirmed the group’s renewed focus on enhancing governance, accelerating innovation, and substantially increasing infrastructure investments.
“We are committed to doubling down on nation-building initiatives,” he stated, acknowledging the considerable anxiety experienced by investors, lenders, and partners throughout the challenging period.
Looking ahead, he reiterated his pledge to bolster governance, drive innovation and sustainability efforts, and deepen investments in critical national infrastructure.
He concluded his address by reinforcing the company’s fundamental values: “resilience in the face of adversity, unwavering integrity in every action, and an unyielding dedication to forging a brighter future for India and the world.” The letter powerfully ended with a quote from poet Sohan Lal Dwivedi, illustrating the group’s journey of overcoming challenges: “The boat that fears the waves can never reach the shore, But those who keep on trying will win forevermore…,” a stirring call for continued courage and perseverance.