The Adani Group has no plans to seek fresh funds from debt or equity markets for its growth trajectory, Group CFO Jugeshinder (Robbie) Singh said at Trust Group’s India Debt Capital Market Summit 2024 in Mumbai. He panned concerns over market access, asserting the group’s financial self-reliance.
“The banking and US markets can shut down tomorrow. We don’t care. Whatever happens, we will continue. We will make investments from the money we earn ourselves,” he declared.
The statement comes in the wake of allegations by US authorities accusing Adani founder Gautam Adani, his nephew Sagar Adani, and others of corruption, including defrauding US investors.
The claims led to a $34 billion market value loss across Adani stocks and forced Adani Green Energy to withdraw a $600 million bond offering.
Despite these headwinds, Singh outlined a robust financial position.
The group holds $6.3 billion in cash and expects to generate $7 billion more in the next year, offsetting $3 billion in repayments. With a $10 billion surplus projected, the group is unfazed. Singh noted, “Fundamentally, our banking partners and investors understand we don’t need their money, which is why it remains available to us.”
Adani Group shares surged on Friday, adding over ₹50,000 crore to their market value. Leading the rally, Adani Green Energy hit the upper circuit for the third straight session with a 23% jump, while Adani Energy soared 19%. Other group companies, including Adani Power, Adani Total, and NDTV, climbed 3-5%, with Adani Ports, Ambuja Cement, and Adani Wilmar also recording gains.
Adani’s ambitious plans include investing $100 billion over the next decade, with $10 billion allocated annually. The group projected $114 billion in post-tax cash over the same period, underscoring its financial stability.
“We are 43% of what the government spends and contribute 20% of India’s private capital expenditure,” Singh said, reinforcing the conglomerate’s pivotal role in infrastructure development.
Addressing the US charges, Singh refuted bribery claims and announced plans to rebut “factual discrepancies” within 10 days. “If we were paying that amount of cash to someone, I would certainly know. Nothing happened,” he stated.
Looking ahead, Singh revealed that Adani Green Energy might revive the scrapped dollar bond sale by mid-2025, contingent on clarity from ongoing investigations. Other group firms may also explore public bond sales within the year.
