Adani added that India’s spend on infrastructure is expected to reach a cumulative total of $2.5 trillion
Amritha Pillay Mumbai
At Adani Enterprises annual general meeting (AGM), chairman Gautam Adani said the group is well positioned to gain from opportunities in India’s infrastructure sector.
He added that large parts of the funding and action for these infra spends are at the state level.
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“At the very core, we are an infrastructure company and are well positioned to capitalise on the upcoming opportunities,” said Adani, while addressing shareholders through a video-conference at the company’s 32nd AGM on Monday.
A top executive from the company told shareholders that AGMs of all listed Adani entities will be conducted in the same week of June, from this year. The intent, the executive added, was to start the AGM season for the group with the chairman’s birthday. Adani turned 62 years old on June 24.
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.”