New Delhi, Jun 24: India's second richest person and Adani Group Chairman, Gautam Adani on Monday cited record earnings, robust cash positions and the lowest debt ratios to state that his ports-to-energy conglomerate was stronger than ever and its best is yet to come.

Speaking at the annual shareholders meeting of his group's flagship firm, Adani said that the Adani Group is "well positioned" to capitalise on opportunities in the country's booming infrastructure sector as spending is expected to surge in the days ahead.

With India marching towards becoming a USD 10 trillion economy by 2032 and infrastructure expected to grow at 20-25 per cent to reach USD 2.5 trillion, Adani group being an infrastructure company "at the very core", is "well positioned to capitalise on the upcoming opportunities'', he said.

The 62-year-old billionaire also reflected upon the unprecedented crisis his conglomerate faced last year following a damning report by a US short seller.

"We were faced with baseless accusations made by a foreign short seller that questioned our decades of hard work. In the face of an unprecedented attack on our integrity and reputation, we fought back and proved that no challenge could weaken the foundations on which your Group has been established," Adani said.

Last January, Hindenburg accused the Adani Group of improper use of tax havens and stock manipulation. The group, which refuted the allegations, sparked a Rs 12,51,675 crore ($150 billion) meltdown in market value as the short-seller's report roiled investor confidence and attracted regulatory scrutiny.

The report came two days before AEL's Rs 20,000 crore follow-on public offer - the largest ever in India - closed in January 2023.

"Amplified by a segment of vested media, it was designed to defame us, do maximum damage and erode our hard-earned market value," Adani said, adding that "given the noise", the group returned proceeds from the offering after successfully raising Rs 20,000 crore.

Group companies, including Adani Power and Adani Ports, recouped all their losses and moved past pre-Hindenburg levels last year. Adani Enterprises, too, bounced back past those levels in May.

Dwelling upon the strategy, Adani said the group raised Rs 40,000 crore to cover for debt repayments of the next two years, pre-paid Rs 17,500 crore of margin-linked financing, cut down debt and improved business focus.

Also Read: World Is Witnessing The Rise Of India, This Is India's Moment: Gautam Adani

Adani said in a world that stands at a crossroads of geopolitical tensions, growing fight against climate change and technology change disrupting lives and work, the world is witnessing the rise of India.

"This is India's moment," he said. "We are now the force for stability, cooperation and progress in a complex world. And it is India's macroeconomic stability and ambitious growth plans that inspire our confidence."

Read More: Business News

Argus English | argus english | Odisha Latest News, Breaking News, Trending News, Live TV