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Ready to Cash in on Infrastructure Sector, Says Gautam Adani at AGM

At the annual general meeting (AGM) of Adani Enterprises, chairman Gautam Adani expressed confidence that the group is well-placed to benefit from the opportunities arising in India’s infrastructure sector. He highlighted that significant portions of the funding and activities for these infrastructure projects are managed at the state level.

“Fundamentally, we are an infrastructure company and are strategically positioned to capitalize on the upcoming opportunities,” Adani stated during his video-conference address to shareholders at the company’s 32nd AGM on Monday.

A senior executive informed shareholders that starting this year, all AGMs for listed Adani entities would be held within the same week of June. This scheduling aligns with the chairman’s birthday, as Adani turned 62 on June 24.

Adani also pointed out that India’s infrastructure spending is projected to reach a cumulative total of $2.5 trillion. He emphasized the significant role that state governments play in this expenditure, noting, “While the national narrative sets the stage for infrastructure spending, substantial parts of the funding and action occur at the state level.” He added that the group’s operations span across 24 Indian states, providing them with a firsthand view of the critical role state governments play in implementing these initiatives.

In his address, Adani also revisited the Hindenburg Research incident, where the US-based firm made allegations of financial irregularities within Adani Group companies in January 2023. He described the Hindenburg report as a “calculated strike” that came just two days before the closing of Adani Enterprises’ follow-on public offer (FPO) of Rs 20,000 crore. Despite successfully raising the intended amount, the company decided to call off the FPO and return the proceeds, refuting the allegations as baseless.

Shareholders raised concerns about the potential impact of ongoing geopolitical issues on the India-Middle East-Europe corridor project, seeking clarity on how these developments might affect the group’s plans.

David Dass
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