Ready to cash in on infrastructure sector, says Gautam Adani at AGM

Adani added that India’s spend on infrastructure is expected to reach a cumulative $2.5 trillion.

Emphasising on the role of states in India’s infrastructure spend, he said, “What is even more relevant is that, while the national narrative sets the stage for infrastructure spend, large parts of the funding and action are at the state level.”

He further said, the group’s operations is spread across 24 Indian states, and “we are first hand witnesses to the critical role state governments play in implementing the initiatives.”

In other highlights of his address to shareholders, Adani once again recalled the Hindenburg episode. “We were faced with baseless accusations made by a foreign short seller that questioned our decades of hard work,” he said.

He called the Hindenburg report a “two-sided attack ….. was a calculated strike two days before the closing of our follow-on public offer.”

In January 2023, US-based Hindenburg Research made several allegations related to financial irregularities at Adani Group companies.

The report came close on the heels to Adani Enterprises’ follow-on public offer (FPO) of Rs 20,000 crore.

Though the company successfully raised the intended amount, it decided to call off the FPO and return the proceeds. The group has refuted the allegations.

Shareholders asked if there would be any possible impact from the ongoing geo-political concerns on the India-Middle East-Europe corridor project.

“We do not see short-term disruption to have a major impact on the long-term approach to the development of the trade routes,” said Jugeshinder Singh, chief financial officer (CFO) of the group.

Singh said, “We are in the process of testing electrolysers at the site with close to 100 KV.” He added, “We expect to complete the green hydrogen ecosystem development and planning over the next few years.”