"Cloud That Hung Over Us For 2 Years Has Been Lifted": Gautam Adani On Hindenburg

Gautam Adani has unveiled the Adani Group's future growth strategy following the Securities and Exchange Board of India (SEBI) clearing the conglomerate of Hindenburg Research's allegations. In a communication to staff members, the Adani Group chairman indicated that the organization would now focus on accelerating innovation, enhancing transparency, and creating long-term value.

"A cloud that has hovered over our organization for more than two years has finally dissipated," Mr Adani stated, according to PTI news agency. "SEBI's thorough investigation has concluded by dismissing all allegations contained in Hindenburg's January 2023 report."

Recognizing the pressure experienced by employees and their families, Mr Adani compared the controversy to an "agnipariksha" (test by fire) and encouraged them to view the challenging three-year period as "the catalyst that established a stronger Adani."

His message was delivered against a digital backdrop featuring the Mahabharata's Gandiva bow. This legendary weapon was wielded by Arjuna, one of the five Pandava brothers, during the Kurukshetra conflict. According to mythology, it was created by deities and presented to Arjuna by Agni, the god of fire, making it a sacred instrument of warfare.

In January 2023, Hindenburg's report accused the Adani Group of manipulating stocks, accounting irregularities, and transferring funds through offshore entities, erasing over $150 billion in market capitalization. The group refuted these accusations, describing them as "selective misinformation."

Recently, SEBI issued two orders stating it found no evidence of related-party transactions being utilized to funnel money into Adani companies. It also determined that the transactions highlighted by Hindenburg did not qualify as related-party dealings under Indian regulations.

Mr Adani characterized the episode as a "targeted, multidimensional assault."

He commended his workforce: "While the world scrutinized us, our ports expanded, transmission networks extended further, power facilities operated reliably, renewable initiatives continued to contribute to global sustainability, airports progressed, cement production continued uninterrupted, and logistics teams delivered impeccably."

The group, he added, had demonstrated that "performance under pressure represents the truest assessment of character, and the Adani character is fundamentally unbreakable."

Looking forward, Mr Adani outlined priorities, including unwavering transparency, accelerated innovation across energy and infrastructure sectors, and establishing an enduring legacy. "We must construct not for immediate acclaim but for a heritage that persists for generations. Headlines fade, but our creations must leave an imprint on history," he informed employees. "Integrity and transparency must remain the cornerstone of all our endeavors—inseparable, unyielding, and vigilantly protected," he emphasized.

The conglomerate, which has diversified aggressively over the past decade, has recovered market value with backing from global investors including GQG Partners and Abu Dhabi's International Holding Company, alongside debt reduction initiatives. Adani Enterprises shares have increased more than 80 percent year-to-date, outperforming the Nifty 50.

Concluding his message with "Satyameva Jayate, Jai Hind," Mr Adani stated, "Let history recall the past three years as the catalyst that established a greater Adani."

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)