Adani AGM 2023: Gautam Adani Highlights Growth Plans and Counters Hindenburg Report

In the Annual General Meeting of Adani Group, Chairman Gautam Adani addressed key concerns and emphasized the conglomerate’s expansion plans. Here are the 10 key points from his speech:

1. Adani Group’s Reputation: Gautam Adani defended the company’s reputation and denounced the Hindenburg report as an attempt to malign the company. He referred to it as a combination of targeted misinformation and discredited allegations.
2. Hindenburg Report Timing: Adani highlighted the suspicious timing of the Hindenburg report, which was released just before the company’s follow-on public offer. This raised questions about the motive behind the report’s publication.
3. Discredited Allegations: Adani clarified that the majority of the allegations mentioned in the report dated back to 2004-2015 and had already been settled by authorities during that time. He reiterated that the report aimed to damage the company’s reputation deliberately and maliciously.
4. India’s Growth Trajectory: Gautam Adani validated India’s growth trajectory, envisioning the country becoming a $25-30 trillion economy by 2050. He anticipated that India would add a trillion dollars to its GDP every 18 months within the next decade. Additionally, he predicted that India’s stock market capitalization would exceed $40 trillion by 2050.
5. Key Projects: Adani highlighted key projects undertaken by the Adani Group, including the Navi Mumbai Airport and a copper smelter. He emphasized that new businesses accounted for 50% of Adani Enterprises’ FY23 EBITDA and reaffirmed the target of achieving 45 GW of renewable energy capacity by 2030. Adani Group aims to play a critical role in India’s net-zero journey.
6. Global Investment Partnerships: Adani emphasized the Adani Group’s ability to attract global investment partners aligned with their long-term approach to building and operating world-class assets. Despite market volatility, the group successfully executed a secondary transaction worth USD 1.87 billion with GQG partners in March 2023.
7. NDTV Acquisition: Gautam Adani mentioned the recent acquisition of the NDTV news channel, noting that it aimed to expand its international programming and coverage to cater to a global audience.
8. Adani Total Gas Transformation: Gautam Adani highlighted Adani Total Gas Limited’s transformation into a full-spectrum sustainable energy provider. He mentioned the expansion of clean cooking fuel access to 124,000 households in 2023, along with a 46% increase in revenue to ₹4,683 crore. Adani Total Gas is rapidly expanding its urban EV charging infrastructure and biofuel businesses.
9. Adani Transmission Limited’s Growth: Gautam Adani celebrated the growth of Adani Transmission Limited, attributing it to the expanding transmission business. He projected an 18% revenue expansion, crossing ₹4,000 crore in annuity income. Adani Transmission’s Mumbai distribution business achieved a reliability rating of 99.99% and was ranked as the No.1 discom by the Union Ministry of Power. ATL aims to make Mumbai a city powered by over 50% solar and wind energy.
10. Adani Ports’ Vision: Adani Ports, already one of the most profitable port operators globally, aims to transform into India’s largest transport utility capable of handling a billion tonnes of cargo annually by 2030. Gautam Adani revealed plans for APSEZ to become carbon neutral and triple its EBIDTA by 2030. Additionally, the company plans to commission India’s largest transshipment hub in Vizhinjam and a port in Colombo within the next 12-24 months.

Overall, Gautam Adani’s speech at the Adani AGM 2023 focused on countering the Hindenburg report and highlighting the Adani Group’s growth plans across various sectors, including energy, infrastructure, and ports.

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