Rajasthan: Adani Group Chairman Gautam Adani on Saturday broke his silence regarding the US indictment against him, stating that every attack only strengthens and builds resilience within the business group.

Speaking at the 51st Gem & Jewellery Awards in Jaipur, Rajasthan, he said, "As most of you would have read less than 2 weeks back, we faced a set of allegations from the US about compliance practises at Adani Green Energy. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger and every obstacle becomes a stepping stone."

He dismissed the allegations, emphasising, "Despite a lot of the vested reporting, no one from the Adani side has been charged with any violation of the FCPA or any conspiracy to obstruct justice. In today's world, negativity spreads faster than facts. As we work through the legal process, I want to reconfirm our absolute commitment to world-class regulatory compliance."

The US prosecutors have indicted Adani, his nephew Sagar Adani, and other defendants, accusing them of paying over USD 250 million in bribes between 2020 and 2024 to secure solar energy contracts in India, potentially worth over USD 2 billion in profit. Adani's comments come at a crucial moment for his company, which has faced consistent scrutiny over the years.

Adani also reflected on previous allegations, including the 2023 short-selling attack from the US-based Hindenburg Research. "January last year, just as we were getting ready to launch our Follow-on Public Offering, we faced a short-selling attack initiated from abroad. This was not a typical financial strike; it was a double hit—targeting our financial stability and pulling us into a political controversy," he said.

Despite the setbacks, Adani highlighted the group's resilience, noting, "But even in the face of such adversity, our commitment to our principles remained strong. After successfully raising Rs 20,000 crore from India's largest-ever FPO, we made the extraordinary decision to return the proceeds. We then further demonstrated our resilience by raising capital from several international sources and proactively reducing our Debt to EBITDA ratio to below 2.5 times, an unmatched metric in the global infrastructure space."

Financial Success and Legal Validation
Adani also pointed to the group’s record-breaking financial results in the same year, which he said proved the company's operational excellence. "Not a single Indian or foreign credit rating agency downgraded us. Finally, the Supreme Court of India's affirmation of our actions validated our approach," he added.

Past Struggles and Resilience
He recalled the 2010 controversy over the company's coal mine investment in Australia, which saw fierce resistance from NGOs. "The resistance from NGOs was huge and lasted almost a decade. In fact, it was so intense that we ended up funding the entire project of USD 10 billion with our own equity. While we now have a world-class operating mine in Australia and it could be seen as a great sign of our resilience, the fact is that 100% equity funding took away over USD 30 billion of debt financing from our green energy projects," he said.

Embracing Pioneering Spirit
Reflecting on his career, Adani added, "I have come to accept that the roadblocks we face are the price of pioneering. The more bold your dreams, the more the world will scrutinise you. But it is precisely in that scrutiny that you must find the courage to rise, to challenge the status quo, and to build a path where none exists. To pioneer is to embrace the unknown, to break limits, and to believe in your vision even when the world cannot yet see it."

Adani's Three Guiding Thoughts
In his speech, Adani outlined three key principles for the future: "First, embrace technology and sustainability as the twin pillars of progress; second, empower and uplift the skilled workforce at the heart of our transformation; and finally, the future belongs to our youth. The younger generation brings fresh ideas, unshakeable energy, and a willingness to disrupt the old ways of thinking. We must nurture them."

He concluded by calling for a blend of tradition and innovation: "Let us create an India where the wisdom of tradition, and the promise of innovation come together to challenge the status quo. And let us move forward with confidence to create a future where India's gems illuminate the world with their brilliance."

With ANI inputs