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Time of India
3 days ago
- Business
- Time of India
'We never backed down': Gautam Adani says 'Adani Group has become more unbreakable & resilient' amid challenges, scrutiny
This is an AI generated image (left) and Gautam Adani (Right) NEW DELHI: Gautam Adani , Asia's second-richest person, said the Adani Group stayed strong and adapted its strategy despite facing a series of acquisitions and intense scrutiny, becoming stronger and more resilient. "In the face of fierce headwinds and relentless scrutiny - we have never retreated. Instead - we have recalibrated. We have reimagined. And we have become - more formidable, more unbreakable, more stronger and more resilient!" Adani said in the recent annual report of Adani Enterprises. He also announced that the conglomerate plans to invest $15–20 billion over the next five years across its businesses, backed by a strong balance sheet and steady growth. Adani noted that people often ask him "How does Adani Group keep doing it? How do we rise, time and again?" "My answer remains the same: Our conviction is anchored in clarity. Our objectives are aligned with India's ambitions. And our strength comes from the belief that you - our shareholders - place in us," he said. In January 2023, a report by US short-seller Hindenburg Research accused the Adani group of being "the largest con in corporate history," causing stock prices to crash and wiping out over $150 billion in market value. The group's largest public offering was also called off. Adani Group reduced debt, cut back on pledged promoter shares, attracted new investments, and refocused on its core businesses. Just as it began to recover, the group faced fresh allegations from US authorities, accusing it of bribery to win Indian power contracts and misleading investors, during fund raises. Adani Group denied all wrongdoing and said the group had faced challenges before and would face them again. Despite the setbacks, most Adani stocks have rebounded, and the group has reported record earnings. Regarding the US Department of Justice and SEC allegations concerning Adani Green Energy, he asserted that this wasn't their first challenge. "Nor will it be the last," he continued. "Every challenge sharpens our resolve. Every setback becomes a stepping stone," he stated, emphasising that no member of Adani Group faces charges of violating Foreign Corrupt Practices Act (FCPA) or conspiring to obstruct justice. "We live in a world where negativity often echoes louder than truth. But as we cooperate with legal processes, let me also restate - emphatically - our governance is of global standards, and our compliance frameworks are robust and non-negotiable," Adani further added. The conglomerate's diverse portfolio spanning ports, airports, renewable energy, data centres, defence manufacturing, and city gas distribution has demonstrated substantial expansion in recent years. "History should remember us not for the size of our balance sheet, but for the strength of our backbone. Not just for the markets we entered, but for the storms we handled and emerged stronger. For it is easy to lead in sunshine, but true leadership is forged in the face of crisis," he said. Adani also highlighted record profits across the group's ports-to-energy businesses for the financial year 2024–25. He further said that the Adani Airports handled a record 94 million passengers, and the Navi Mumbai Airport is set to open later this year with an initial capacity of 20 million passengers, eventually expanding to 90 million. Adani Defence is developing ammunition and missile systems in Kanpur, and its surveillance and Kamikaze drones played a role in the recent Operation Sindoor, he added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
3 days ago
- Business
- Business Standard
Adani Group stood firm amid scrutiny, now more formidable: Gautam Adani
Despite facing consecutive acquisitions and intense scrutiny, Adani Group never backed down and instead adapted its strategy, emerging more resilient, formidable and unbreakable, its chairman Gautam Adani said. The conglomerate will invest $15-20 billion over the next five years across businesses, he said touting its strong balance sheet and robust business growth. In January 2023, US short seller Hindenburg Research published a scathing report describing Adani Group as "the largest con in corporate history". The fallout was swift: stock prices plummeted, wiping out over $150 billion in market value at the lowest point, and the group's biggest public offering was abruptly scrapped. Just as the group scripted a comeback through a mix of trimming of debt, cutting back on the founder's pledged shares, bringing in both promoter and marquee investor equity, and refocusing attention on the group's core businesses, it was hit by US authorities charging Adani and his close associates of allegedly paying bribes to secure Indian power supply contracts and misleading US investors during fund raises. Adani Group denied all allegations of wrongdoing and went about refocusing its efforts, resulting in most of its stocks recovering and the group posting record earnings. "In the face of fierce headwinds and relentless scrutiny - we have never retreated. Instead - we have recalibrated. We have reimagined. And we have become - more formidable, more unbreakable, more stronger and more resilient!" Adani said in the latest annual report of the group's flagship Adani Enterprises. Adani, Asia's second-richest, said people often ask him "How does Adani Group keep doing it? How do we rise, time and again?" "My answer remains the same: Our conviction is anchored in clarity. Our objectives are aligned with India's ambitions. And our strength comes from the belief that you - our shareholders - place in us." On the allegations by the US Department of Justice and the US SEC relating to Adani Green Energy, he said this was not the first time the conglomerate was tested. "Nor will it be the last". "Every challenge sharpens our resolve. Every setback becomes a stepping stone," he said adding despite all the noise, fact is that none from Adani Group has been charged with violating Foreign Corrupt Practices Act (FCPA) or conspiring to obstruct justice. "We live in a world where negativity often echoes louder than truth. But as we cooperate with legal processes, let me also restate - emphatically - our governance is of global standards, and our compliance frameworks are robust and non-negotiable." Group's businesses - from ports to airports, from renewable energy generation to data centres, defence manufacturing and city gas - have grown over the past couple of years. "History should remember us not for the size of our balance sheet, but for the strength of our backbone. Not just for the markets we entered, but for the storms we handled and emerged stronger. For it is easy to lead in sunshine, but true leadership is forged in the face of crisis," he said. Strength is not just power - it is purpose, clarity and the will to rise. And resilience is not endurance alone - it is reinvention in the face of adversity. "When combined, it helps us do our part for building an India that refuses to bend, refuses to break and never stops believing in its own future," he said. Adani went on to tout record profits of his ports-to-energy companies posted in fiscal year 2024-25. "And while the numbers tell their own compelling story - in a year of record-breaking revenue, unprecedented growth and historic profitability - the deeper truth is that these milestones are reflections of our relentless strength and tenacity. They are proof of a Group that dares to dream beyond constraints, powered by a nation that breathes possibility into every tomorrow ahead of us," he said. Adani Power crossed 100 billion units of power generation, added 2.3 gigawatt (GW) of conventional capacity, funded Rs 12,000 crore in capex mainly through internal accruals, and secured a 1,500 megawatt power supply deal in Maharashtra. It is now well on track to reach 31 GW capacity by 2030. Adani Green reached an operational renewable energy (RE) capacity of over 14 GW and is on target to build the world's largest RE plant of 30 GW at Khavda in Gujarat and a total of 50 GW of renewables capacity by 2030. Also, with over 5,000 MW of pumped hydro storage targeted to be installed by 2030 and a 40-year 1,250 MW energy storage deal with Uttar Pradesh, it is setting global benchmarks in the space of energy transition, he said. Adani Energy Solutions had a huge year, securing Rs 43,990 crore in transmission orders and executing Rs 13,600 crore worth of smart metering projects. It retained its No.1 electricity distribution company rank in India and became the only private player with three national HVDC grid links in its portfolio. Clean energy vertical Adani New Industries has an order book for construction of a 300 MW electrolyser plant and is on track to expanding its solar module manufacturing lines to 10 GW integrated by next financial year. Adani Ports handled an all-time high cargo volume of 450 million tonne and cornered 27 per cent market share in India. The group is building data centres, rapidly expanding city gas and EV charging network and rebuilding Mumbai's Dharavi - Asia's largest slum. "Over 1 million people will move from narrow lanes to sunlit, modern homes," he said on Dharavi redevelopment. "Inspired by Singapore's housing model and co-designed with global experts, the township will feature spacious layouts, dual toilets, open spaces, schools, hospitals, transit hubs and parks." Adani Natural Resources produced a record 47 MT coal and iron ore and is on track to achieve over 30 per cent growth by FY26, he said. Group's copper plant in Kutch, Gujarat has started while the cement business has crossed 100 MTPA capacity and is on track to hit 140 MT by 2027-28, he said. Adani Airports handled a record 94 million passengers across airports it manages, he said adding Navi Mumbai Airport will open later this year with an initial passenger capacity of 20 million of what will eventually become a 90 million passenger airport. Adani Defence is making ammunition and missile capabilities in Kanpur while its surveillance drones and Kamikaze drones aided the recent Operation Sindoor, he said.
IOL News
22-05-2025
- Politics
- IOL News
Why did Trump overlook Ramaphosa's $580,000 scandal, asks MK Party
MK Party spokesperson Nhlamulo Ndhlela has branded President Ramaphosa a fugitive from justice, saying US authorities should have questioned and investigated him over the Phala Phala dollar scandal. Image: Kamogelo Moichela/IOL Umkhonto weSizwe Party (MK Party )spokesperson Nhlamulo Ndhlela has criticised President Cyril Ramaphosa following his meeting with US President Donald Trump on Wednesday, calling him a 'fugitive from justice' in connection with the Phala Phala farm scandal. Ndhlela said Ramaphosa should have been held accountable for the undisclosed dollars found on his property (farm) in 2020 and questioned under the US Foreign Corrupt Practices Act (FCPA). ''What you have there sitting next to Donald Trump is a fugitive from justice. What should be happening is that they should be prosecuting him and asking him to respond to how all those dollars ended up in his couch. This is what should be happening because they are sitting with a person who has caused criminality, and that farm of his is a crime scene,'' ' Ndhlela said in an interview with the SABC. This comes after the party had previously urged US authorities, under the Trump administration, to launch an investigation into the Phala Phala farm robbery, in which an estimated $580,000 was allegedly stolen. Ndhlela also questioned the timing of Ramaphosa's US trip, implying it was strategically planned to avoid key political responsibilities. 'He chose these three dates deliberately. On Monday, the Phala Phala case began,he was meant to be in court but was absent. Today, during the budget vote, again, he was nowhere to be seen,' said Ndhlela. Drawing comparisons with past South African presidents, he added: 'If President Zuma can attend court, and President Mandela could attend court in 1996, why can't Ramaphosa? He is not above the law.' He noted that party has long argued that the Phala Phala incident constitutes international financial misconduct and should be investigated by US authorities, particularly the FBI. 'The crime he committed on his farm was dollar-based. If there's any undeclared money, especially in the form of US dollars, that's a matter for international scrutiny,' Ndhlela said. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ He also dismissed the Ramaphosa–Trump meeting as 'an act of subservience.' 'This is the act of a black man running to his white imperial bosses for assistance. It's disgraceful,' he said. Moreover, Ndhlela rejected Trump's controversial claims about "white genocide" in South Africa, calling such statements 'desperate acts' intended to preserve minority privilege. 'If there is any genocide to be spoken of, it is apartheid. Not the fiction Trump is peddling.' Addressing remarks by DA leader John Steenhuisen, who suggested the Government of National Unity (GNU) was established to sideline parties like the MK Party and the EFF, Ndhlela defended his party's policies: 'Since when is free education a crime? Since when is nationalising the Reserve Bank a criminal idea?' He added that an MK-led government would have handled diplomatic relations with the US more effectively: 'We would have dealt with this issue through the proper diplomatic channels, not with subservience, but with sovereignty and integrity.' Calling for Ramaphosa's immediate resignation, Ndhlela announced that the MK Party will pursue a motion of no confidence against the president. 'What we expect is that when he lands, he submits his letter of resignation. This cannot continue. South Africa is not a banana republic.' Responding to ANC secretary-general Fikile Mbalula's praise of Ramaphosa's US trip on X (formerly Twitter) where he wrote, 'Well done to Team South Africa for representing our country and putting the record straight,' Ndhlela dismissed the statement as nothing more than political flattery. 'He's just singing for his supper,' Ndhlela said. Cape Argus
IOL News
22-05-2025
- Politics
- IOL News
MK Party questions why Trump didn't address Ramaphosa's $580,000 Phala Phala scandal
MK Party spokesperson Nhlamulo Ndhlela has branded President Ramaphosa a fugitive from justice, saying US authorities should have questioned and investigated him over the Phala Phala dollar scandal. Image: Kamogelo Moichela/IOL Umkhonto weSizwe Party (MK Party )spokesperson Nhlamulo Ndhlela has criticised President Cyril Ramaphosa following his meeting with US President Donald Trump on Wednesday, calling him a 'fugitive from justice' in connection with the Phala Phala farm scandal. Ndhlela said Ramaphosa should have been held accountable for the undisclosed dollars found on his property (farm) in 2020 and questioned under the US Foreign Corrupt Practices Act (FCPA). ''What you have there sitting next to Donald Trump is a fugitive from justice. What should be happening is that they should be prosecuting him and asking him to respond to how all those dollars ended up in his couch. This is what should be happening because they are sitting with a person who has caused criminality, and that farm of his is a crime scene,'' ' Ndhlela said in an interview with the SABC. This comes after the party had previously urged US authorities, under the Trump administration, to launch an investigation into the Phala Phala farm robbery, in which an estimated $580,000 was allegedly stolen. Ndhlela also questioned the timing of Ramaphosa's US trip, implying it was strategically planned to avoid key political responsibilities. 'He chose these three dates deliberately. On Monday, the Phala Phala case began,he was meant to be in court but was absent. Today, during the budget vote, again, he was nowhere to be seen,' said Ndhlela. Drawing comparisons with past South African presidents, he added:'If President Zuma can attend court, and President Mandela could attend court in 1996, why can't Ramaphosa? He is not above the law.' He noted that party has long argued that the Phala Phala incident constitutes international financial misconduct and should be investigated by US authorities, particularly the FBI. 'The crime he committed on his farm was dollar-based. If there's any undeclared money, especially in the form of US dollars, that's a matter for international scrutiny,' Ndhlela said. He also dismissed the Ramaphosa–Trump meeting as 'an act of subservience.' 'This is the act of a black man running to his white imperial bosses for assistance. It's disgraceful,' he said. Moreover, Ndhlela rejected Trump's controversial claims about "white genocide" in South Africa, calling such statements 'desperate acts' intended to preserve minority privilege. 'If there is any genocide to be spoken of, it is apartheid. Not the fiction Trump is peddling.' Addressing remarks by DA leader John Steenhuisen, who suggested the Government of National Unity (GNU) was established to sideline parties like the MK Party and the EFF, Ndhlela defended his party's policies: 'Since when is free education a crime? Since when is nationalising the Reserve Bank a criminal idea?' He added that an MK-led government would have handled diplomatic relations with the US more effectively:'We would have dealt with this issue through the proper diplomatic channels, not with subservience, but with sovereignty and integrity.' Calling for Ramaphosa's immediate resignation, Ndhlela announced that the MK Party will pursue a motion of no confidence against the president. 'What we expect is that when he lands, he submits his letter of resignation. This cannot continue. South Africa is not a banana republic.' Responding to ANC secretary-general Fikile Mbalula's praise of Ramaphosa's US trip on X (formerly Twitter) where he wrote, 'Well done to Team South Africa for representing our country and putting the record straight,' Ndhlela dismissed the statement as nothing more than political flattery. 'He's just singing for his supper,' Ndhlela said. [email protected] Get your news on the go, click here to join the IOL News WhatsApp channel IOL Politics
22-05-2025
- Politics
MK Party slams Ramaphosa: ‘Fugitive sits next to Trump'
'What you have there sitting next to Donald Trump is a fugitive,' says MK Party spokesperson Nhlamulo Ndhlela, referring to President Cyril Ramaphosa's meeting with the US President at the Oval Office in Washington, DC. Ndhlela believes Ramaphosa should have addressed the controversy surrounding the $580 000 (approximately 10 418 977.90 ZAR) stolen from his Phala Phala farm in 2020 during the meeting. The MK Party had previously called on Trump's administration to investigate the matter. The party's president, Jacob Zuma, had discussed the need for transparency and accountability regarding the Phala Phala farm incident. The meeting between Ramaphosa and Trump focused on concerns about 'white genocide' and land grabs in South Africa. Ndhlela told SABC News that Ramaphosa's actions constitute criminality, making his farm a crime scene. 'What should be happening is that they should be prosecuting him and asking him to actually respond as to how he was found with all those dollars on his couch, and also then account according to the international law of the US, which is the FCPA.' 'This is what should be happening because they are sitting with a person who has caused criminality, and that farm of his is a crime scene.' The meeting between the Presidency and Trump concluded with Ramaphosa describing the interaction as 'good,' despite initial apprehensions about potential public humiliation. Ramaphosa has described his bilateral meeting with Trump to South African media as 'robust and fruitful.' 'We had a really good bilateral, although a number of issues came up, which you will all have observed, and we were able to have a robust engagement with Mr. Trump in your presence. 'Following that engagement, which you all witnessed, we retired to the Cabinet Room for lunch. We were then able to have really good in depth exchanges with President Trump and his other officials,' the President said. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 11. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news
