New Delhi: A few weeks after the turmoil over three Mauritius-based funds smashing Adani Group companies’ shares, Billionaire’s Gortam Adani disclosed on Monday, “The Twisted Story,” which allows companies to regulate shareholders. He said it seems to mean that it can be forced.
Shares in the Port Energy Group plummeted last month following reports that three of the six Mauritius-based funds, which invested most of their money in Adani Group companies, were frozen by state-owned stock depositors. .. The three funds owned approximately $ 6 billion in shares throughout the conglomerate.
Despite the Adani Group’s refusal, the stock prices of Adani Group companies continued to fall for almost a week.
“We are a cross-generational stockholder,” 59-year-old Adani said at the annual shareholders’ meeting of his group’s publicly traded company on Monday.
He elaborated on the philosophy of considering investment and said the group is focused on creating long-term sustainable value for partners and minority investors.
He called the report of the freeze “reckless and irresponsible” and said it caused unexpected fluctuations in the market price of Adani shares.
“Unfortunately, some of our small investors seem to suggest that companies have regulatory power over shareholders and that companies can enforce disclosures, the impact of this twisted story. I received it, “he said.
He said such a shift would not affect the group in the long run.
“We have always been a confident organization that has tackled challenges that most people never challenge or imagine. Every challenge posed to us makes us stronger and stronger. Just prepare well, “he said.
Shares in Adani Total Gas Ltd, Adani Power Ltd, Adani Transmission Ltd, Adani Ports & Special Economic Zone Ltd, Adani Green Energy Ltd, and leading Adani Enterprises Ltd were affected by this report.
Adani, a first-generation entrepreneur, lost more than US $ 10 billion in a week.
On June 14, the Adani Group denied the report of the freeze, calling it “apparently wrong.” The next day, three debtor accounts, Cresta Fund Limited, Albrin Bestment Fund Limited, and APMS Investment Fund Limited, were “suspended due to debiting”, revealing confusion about the offshore fund situation.
Prior to the episode, some of the Adani Group’s listed stocks have skyrocketed by more than six times the value since early 2020.
Adani said six listed companies stood out as indicators of market leadership, adaptive management, and organizational profitability during the turbulent pandemic era of Group company performance at AGM.
“The performance of listed companies has pushed the portfolio to a market capitalization of over $ 100 billion in the first week of this new fiscal year (from April 2021),” he said. “This milestone is the first for a first-generation Indian company.”
According to him, the assessment is only the result of the path shown above.
“What we built yesterday secured us today, and what we are building today is the foundation for a better tomorrow,” he said. “Our growth journey has just begun, which is reflected in the performance of all six listed entities that have produced results that far exceed the market index.”
In the fiscal year ended March 31, 2021, consolidated EBITDA (or interest, taxes, depreciation and profit before amortization) of the listed portfolio exceeded 32,000 chlores, a 22% year-on-year growth.
All Adani strains generated over 100% returns. “Our business has ensured that we return nearly 9,500 rupees to our shareholders, which is a 166 percent increase in after-tax profits year-on-year,” he said.
Adani said APSEZ continues to transform from a port company to an integrated port and logistics company. With ports on both the east and west coasts, APSEZ has become even more diversified, with the addition of LNG and LPG operations in Mundra to its portfolio and LNG operations in Damra.
“No other company in the world operates a port business of this size and scope,” he said.
Adani Green Energy, a renewable energy company, became the world’s largest solar power company in 2000. And last month, after acquiring SB Energy’s 5 gigawatt portfolio, it reached its target of 25 GW four years ahead of schedule.
Through the Adani Enterprise, the group is moving to the airport.
The company has taken over the operations of the airports in Ahmedabad, Lucknow and Mangaroa, has signed concession agreements for Gwahati, Jaipur and Thiruvananthapuram, and is currently in the process of acquiring Mumbai International Airport and Navi Mumbai International Airport.
In addition to developing an airport network across India, “We are expanding our focus to include non-passenger revenues and fostering a variety of possibilities in both physical and digital infrastructure.” He said.
Adani said the real phase of accelerated growth has just begun, as the group has a portfolio of companies with several strategic adjacencies that drive future growth in diverse sectors.
“What businesses are you currently doing, including seaports, airports, logistics, natural resources, thermal and renewable energy generation, transmission, distribution, data centers, defense, agriculture and food, real estate, city gas businesses and several others? Even if we do, we believe in everything, one of which is a high-growth company individually, but more importantly, that all companies are adjacent and able to enter new sectors. ” Stated.