Winning Bizness Desk

Mumbai. Business tycoon Gautam Adani recently addressed the audience at the 51st India Gems and Jewellery Awards (IGJA) in Jaipur, where he reflected on his career and the challenges faced by the Adani Group. Speaking for the first time about controversies like the Hindenburg report and bribery allegations in the U.S., Adani emphasized that every obstacle has contributed to the group's growth and success. He said, "The bigger your dreams, the harder the world tests you. Challenges never broke us; they made us stronger and taught us to rise even higher." He also said that despite these challenges, no Indian or global rating agency downgraded the group, and the Supreme Court validated their actions, strengthening their credibility.

Overcoming Challenges with Resilience

Adani highlighted how the group has always remained committed to its principles, even in the toughest times. He shared three major instances to illustrate their resilience:

1) World-Class Coal Mine in Australia Despite Opposition: In 2010, the Adani Group started coal mining operations in Australia to strengthen India’s energy sector. The plan was to replace low-quality Indian coal with high-quality Australian coal. Despite facing severe opposition from non-governmental organizations (NGOs) for over a decade, Adani persevered. The group financed the $10 billion project through equity shares without external funding. Today, the mine stands as a testament to their determination and resilience.

2) Economic and Political Challenges in India

In January 2023, when the group was about to launch a follow-on public offer (FPO), they faced a major short-selling attack from foreign entities. Adani explained that this was not just a financial attack but also an attempt to drag them into political controversies. Media houses amplified the issue, but the group stood firm. They took bold steps, raised funds internationally, and reduced their debt-to-EBITDA ratio to less than 2.5 times, which is unmatched in the global infrastructure space.

3) Allegations in the US: Recently, accusations surfaced about Adani Green Energy’s operations in the U.S. However, Adani clarified that no individual from the company was charged with violating the U.S. Foreign Corrupt Practices Act. He remarked, *“Negativity spreads faster than facts, but such challenges only make us stronger.”*

A Journey That Began in Mumbai: Sharing his personal story, Adani spoke about starting his journey in 1978 at the age of 16. Leaving his home in Ahmedabad with a one-way ticket to Mumbai, he began working at Mahendra Brothers, where he learned diamond trading. He fondly recalled earning his first commission of ₹10,000 from a deal with Japanese clients, marking the beginning of his entrepreneurial journey. Adani concluded by saying that every challenge has been a stepping stone for the group, turning obstacles into opportunities and reinforcing their leadership.