NEW DELHI: Adani Group today, April 10, shared a letter sent to the Financial Times following its publication of an article that contained fundamental misunderstandings of prior Adani Group disclosures, and resultant inaccuracies in the report.
The article headed "Indian data discloses Adani empire's reliance on offshore money," according to Adani Group, is a "mendacious, purposeful effort to attempt to depict the Adani family and the Adani Group in the worst possible light," the company claimed in the letter.
"By doing this, it demonstrates a tendency to be selective when using information that is already in the public domain, is careless in its approach to comprehending disclosures to which your reporters were led, and makes incorrect and detrimental insinuations. The story amply demonstrates that your reporters conveniently chose not to look in a meaningful way at those public disclosures or even at the related press releases (including ones that the Financial Times covered at the time). Our statement to your reporter that all the transactions about which the Financial Times inquired have been publicly disclosed is accurate "said the letter.
"We comprehend how tempting the race to demolish Adani may be. Yet, we fully abide by securities rules and do not hide promoter ownership or financing. Your report has affected the Adani Group firms' reputation by fabricating a false narrative "said the letter.
"The Financial Times contemporaneously reported this fact but chose to completely ignore it in the 22 March 2023 story. In reality, as publicly disclosed on 18 January 2021 and 23 January 2021, the Adani Group's promoters raised USD 2 Bn through the sale of a 20% stake in Adani Green Energy Ltd (AGEL) to TotalEnergies of France (then Total Renewables SAS).
"Furthermore, according to a press release from Adani, the promoters raised USD 700 Mn in October 2019 by selling a 37.4% share in Adani Total Gas Ltd. Even while it did at the time publish the news, the Financial Times once more chose to disregard this fact in their report.
"In order to assist the expansion of new businesses as well as portfolio companies including Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, Adani Transmission Ltd, and Adani Power Ltd, promoter entities reinvested these monies.
"The promoter entities have amassed large interests in Adani enterprises over the years. These businesses have been able to raise their investments by effectively using the money they got from the sale of shares.
The letter noted that the Adani family used the proceeds from the secondary sale to purchase additional AGEL shares and to support AGEL
with a shareholder loan and other instruments, all of which were available to the general public.
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