Jaipur, Rajasthan: On Saturday, at an event, Adani Group Chairman Gautam Adani said, ”Let me talk about three examples. First, in 2010, when we were investing in a coal mine in Australia, our objective was clear. How to make India energy secure and replace every two tons of poor quality Indian coal with one ton of high quality coal from Australia. However, the resistance from NGOs was huge and lasted almost a decade. In fact, it was so intense that we ended up funding the entire project of $10 billion with our own equity.

While we now have a world-class operating mine in Australia, and it could be seen as a great sign of our resilience, the fact is that 100% equity funding took over $30 billion of our debt refinancing from our green energy projects.

The next example is from January last year, just as we were getting ready to launch our follow-on public offering, we faced a short-selling attack initiated from abroad. This was not a typical financial strike. It was a double hit targeting our financial stability and pulling us into a political controversy. All of this was further amplified by certain media with a vested interest. But even in the face of such adversity, our commitment to our principles remained strong. After successfully raising 20,000 crore rupees from India’s largest ever FPO, we made the extraordinary decisions to return the proceeds. We then further demonstrated our resilience by raising capital from several international sources and proactively reducing our debt to EBITDA ratios to below 2.5 times unmatched metric in the global infrastructure space. Moreover, our all-time record financial results in the same year showcased our commitment to operational excellence. Not a single Indian or a foreign credit rating agency downgraded us. And finally, the Supreme Court of India’s affirmation of our actions validated our approach. The third example is a very recent. As most of you would have read, less than two weeks back, we faced a set of allegations from the U.S. about compliance practices at Adani Green Energy. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger”