At Trust Group’s India Debt Capital Markets Summit 2024 in Mumbai, group CFO Jugeshinder (Robi) Singh said Adani Group has no plans to raise fresh funds from debt or equity markets for growth. He panned concerns about market access, stressing the group’s financial self-sufficiency.
“Banking and US markets may close tomorrow. We don’t care. Whatever happens, we will continue. We will invest from the money we earn ourselves,” he announced.
The statement comes in the wake of allegations of corruption by US authorities including defrauding Adani founder Gautam Adani, his nephew Sagar Adani and US investors.
The claims caused a $34 billion market value loss in Adani stocks and forced Adani Green Energy to withdraw a $600 million bond offer.
Despite these difficulties, Singh outlined a strong financial position.
The group has $6.3 billion in cash and expects to generate another $7 billion next year, offsetting a $3 billion charge in the next year. With a projected surplus of $10 billion, the group is restless. “Basically, our banking partners and investors understand that we don’t need their money, so it remains available to us,” notes Singh.
Adani Group shares rose on Friday, adding over ₹ 50,000 crore to their market value. Leading the rally, Adani Green Energy jumped 23% for the third straight session to hit the upper circuit, while Adani Energy rose 19%. Other group companies including Adani Power, Adani Total, and NDTV climbed 3-5%, while Adani Ports, Ambuja Cement, and Adani Wilmar also posted gains.
Adani’s ambitious plans include investing $100 billion over the next decade, with $10 billion allocated annually. The group projected $114 billion in after-tax cash over the same period, indicating its financial stability.
“We account for 43% of government spending and contribute 20% of India’s private capital expenditure,” Singh said, reinforcing the group’s key role in infrastructure development.
Addressing the US allegations, Singh denied the bribery claims and announced plans to recant “factual differences” within 10 days. “If we were paying someone a sum of cash, I would definitely know. Nothing happened,” he said.
Looking ahead, Singh disclosed that Adani Green Energy may revive the sale of the discontinued dollar bond by mid-2025, depending on clarity from ongoing investigations. Other conglomerate firms may also explore public bond sales within the year.
