Gautam Adani debates that his growth is not related to the Modi and Adani Relation

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As shares of the Adani Group sank again, embattled Indian tycoon Gautam Adani denied that his rise to Asia’s wealthiest man was due to the Modi and Adani relation. Since US short-seller Hindenburg Research, which profits by betting on stock declines, produced an explosive report that came out around the end of January 2023, the market value of his listed entities has fallen by more than $100 billion.

He referred to the charges as “baseless” and claimed that he and the PM are both from the same state, making him an “easy target” for these accusations. The reality, he states, is that no one leader has been responsible for his professional achievement.

The success is because of the hard work, not Modi and Adani Relation

In a televised interview, the founder and chairman of the Adani Group, Gautam Adani, refuted the frequently made accusation that he derived his wealth from his friendship with Prime Minister Narendra Modi by pointing out that he also operates in various states controlled by opposition parties. He further says that they have no issues with state governments and aim to spend as much money as possible in every state.

The Adani Group operates in 22 states, none governed by the BJP. They are at work even in Left-ruled Kerala, West Bengal, Odisha under Naveen Patnaik ji, Andhra Pradesh under Jaganmohan Reddy, and Telangana under KCR. He stated that no one could receive personal assistance from Modi. You can talk to him about national-interest policies.

However, when a policy is created, it applies to everyone, not just the Adani Group, According to Gautam Adani, no single leader is to get credit for his professional achievement after the Modi and Adani Relation

Gautam Adani claimed that the narratives being promoted against him are sad and without merit, even though he gave several politicians and their policies credit for his success as an entrepreneur. In an exclusive interview with India Today, Gautam Adani stated that the policies implemented by several leaders rather than a single leader led to his professional achievement. He claimed he was made an easy target for unfounded charges by sharing a state of origin with P.M. Narendra Modi—Gujarat.

In an interview with India Today Group Editorial Director (Publishing), Raj Chengappa, the millionaire crowned India Today magazine’s “Newsmaker of the Year,” remarked that his business path could be broken down into four parts. He said that his voyage began with the administration of former Prime Minister Rajiv Gandhi, who liberalized the export-import policy, which led to adding various commodities to the list of goods subject to open general licenses.

He claimed it enabled him to launch his export business, not the “Modi and Adani Relation.“

Gautam Adani is committed to constructing top-notch infrastructure

Gautam Adani, chairman of the Adani Group, said he was committed to taking advantage of every chance to develop top-notch facilities and infrastructure for India and Indians.

According to him, they (Modi and Adani) are seeing a similar re-emergence at the national and international levels, where a new India is now making itself known under the Adani’s capable leadership. Adani expressed his views saying that he was the target of such accusations. Adani said that the “Modi and Adani Relation” allegations lacked any basis and were the result of recency bias, which saw the group’s success in the short term. He claims the Adani Group’s finances are sound and stable, making the debt charges unclear.

According to him, the accusations come from two groups of people. The first group consists of those who do not delve deep to comprehend the many complexities of a company’s debt and finances. Gautam Adani is confident that their concerns about debt would vanish if they try to understand the financial figures.

The second kind of individuals are those with vested interests who purposefully cause misunderstanding and uncertainty to damage the group’s reputation.

The fact remains that their debt to EBITDA ratio has decreased from 7.6 to 3.2 over the past nine years, which is very healthy for a large group where the majority of the companies are in the infrastructure sector with guaranteed and predictable cash flow as opposed to manufacturing. Their profit has been growing at twice the rate of the debt; domestically and internationally. Rating agencies have placed them at the same level as India’s sovereign rating.

He takes tremendous satisfaction in the fact that no other Indian corporate organization has as many sovereign-rated enterprises as the Adani organization. Adani said that the rating agencies, especially the international ones, were highly cautious and sparing in their rating decisions and that their method and procedure for financial research were extraordinarily rigorous and reliable. He expressed optimism that numerous worries about a global recession and other issues will be addressed in the next Union Budget.

Focusing on capital expenditure, employment, social infrastructure, and social security will help face the global headwinds of recession, and India will emerge stronger.