Gautam Adani, chairman of the energy-to-infrastructure Adani Group, on Saturday held forth on challenges his conglomerate was facing amid allegations of bribery and fraud pertaining to Adani Green Energy.
In his first public event since the indictment by the US Department of Justice and the Securities Exchange Commission (SEC), Adani, 62, said every attack made the group stronger and every obstacle was a stepping stone for more resilience. “Less than two weeks back, we faced a set of allegations from the US about compliance practices. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger,” he said.
“No one from the Adani side had been charged with violations of the FCPA or any conspiracy to obstruct justice. As we work through the legal process, I want to re-confirm our absolute commitment to world-class regulatory compliance,” Adani said on the issue.
The billionaire has been named along with seven others for allegedly giving bribes to secure contracts. The group has denied the allegations.
Speaking at the 51st Gem & Jewellery Awards in Jaipur, Adani also said that he had come to accept roadblocks as a price for pioneering.
“The more bold your dreams, the more the world will scrutinise you. But it is precisely in that scrutiny that you must find the courage to rise, to challenge the status quo, and to build a path where none exists,” he said.
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Adani also gave two other examples of the resistance and challenges he has faced as a businessman. One was pertaining to the Carmichael coal mine in Australia, which faced years of protests and hold-ups from local groups between 2010 and 2019. Detailing how the group bankrolled itself by funding the entire project of $10 billion with its own equity, Adani said the resistance was intense and took away $30 billion of debt financing from its other green energy projects.
“We wanted to replace every two tons of poor-quality Indian coal with one ton of high-quality coal from Australia. But the resistance from NGOs was huge and lasted almost a decade. While we now have a world-class operating mine in Australia, it could be seen as a great sign of our resilience,” he said.
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