Page 42 - The Indian EYE 092024

BUSINESS EYE SEPTEMBER 20, 2024 | The Indian Eye 42

Adani Group denies Swiss accounts frozen as

Hindenburg throws another ‘baseless allegation’

The Indian Group says the allegations are clearly preposterous, irrational, and absurd

and it is yet another orchestrated and egregious attempt by the same cohorts acting in

unison to inflict damage on the group’s reputation

OUR BUREAU Adani Group said it remains
steadfastly committed to transparen-
Washington, DC/Ahmedabad
cy and compliance with all legal and
n a post on X, US-based short regulatory requirements and con-
seller Hindenburg Research cit- demned any such effort at baseless
Ied a news report by Swiss media allegations.
outlet Gotham City and alleged on Meanwhile, Adani Green Ener-
Thursday that Swiss authorities have gy completed the redemption of all
frozen over USD 310 million in funds outstanding USD 750 million 4.375
across multiple Swiss bank accounts per cent Holdco Notes due on 8 Sep-
as part of an investigation into the tember 2024, the company said on
Adani group. Monday.
The Adani Group has rejected This follows the company’s an-
and denied “baseless allegations” nouncement, in January 2024, to fully
over reports concerning freezing of backstop the Holdco Notes through
some funds in Swiss bank accounts. a fully funded redemption reserve
The Business conglomerate assert- account maintained eight months
ed that it has no involvement in any prior to the redemption date to fa-
Swiss court proceedings, nor have any cilitate full redemption of Holdco
of the company accounts been sub- Notes upon maturity in compliance
ject to sequestration by any authority. Adani Group chairman Gautam Adani (ANI) with applicable guidelines.
The Adani Group said in a state- It also emphasized the struc-
ment that the allegations are clearly tured approach to accomplish cred-
preposterous, irrational, and absurd counts been subject to sequestration ly disclosed, and compliant with all it metrics akin to investment grade
and it is yet another orchestrated and by any authority. Furthermore, even relevant laws. These allegations are profile for its underlying debt capital
egregious attempt by the same co- in the alleged order, the Swiss court clearly preposterous, irrational, and raise program.
horts acting in unison to inflict dam- has neither mentioned our group absurd. We have no hesitation in With this, the company added
age on the group’s reputation. companies, nor have we received any stating that this is yet another or- that it is committed to having cap-
“We unequivocally reject and requests for clarification or informa- chestrated and egregious attempt ital market issuances tailored for
deny the baseless allegations present- tion from any such authority or regu- by the same cohorts acting in unison long-term infra-asset class supported
ed. The Adani Group has no involve- latory body,” the statement said. to inflict irreversible damage on our through the predictable and robust
ment in any Swiss court proceedings, “We reiterate that our overseas group’s reputation and market val- cashflow stream to attain long curve
nor have any of our company ac- holding structure is transparent, ful- ue,” the statement added. emulating underlying asset life.

Adani Ports and SEZ to develop multipurpose berth at Kandla Port

dani Ports and Special Eco- will further consolidate our position ate, and Transfer) model, will handle er and operator, APSEZ manag-
nomic Zone Ltd (APSEZ), on the western coast and enhance multipurpose clean cargo, includ- es 7 strategically positioned ports
AIndia’s leading port develop- our ability to service customers in ing containers. Berth No. 13, with a and terminals on the west coast
er and operator, has signed a con- Gujarat and north India.” length of 300 meters and an annual (Mundra, Tuna, Dahej, Hazira in
cession agreement with Deendayal APSEZ has established a whol- capacity of 5.7 million metric tonnes Gujarat, Mormugao in Goa, Dighi
Port Authority (DPA) to develop ly owned subsidiary, DPA Container (MMT), is expected to be operation- in Maharashtra, and Vizhinjam in
Berth at Deendayal Port in Kandla, and Clean Cargo Terminal Limited al by FY27. Kerala) and 8 on the east coast
Gujarat. (DPACCCTL), to manage opera- Adani Ports and Special Eco- (Haldia in West Bengal, Dhamra
Ashwani Gupta, Whole-time tions at the berth. In July 2024, AP- nomic Zone Ltd (APSEZ), part of and Gopalpur in Odisha, Gan-
Director and CEO, APSEZ, “Berth SEZ received the Letter of Intent the Adani Group, has transformed gavaram and Krishnapatnam in
No. 13 will diversify our presence at (LOI) for the berth’s development, from a port operator into an Inte- Andhra Pradesh, Kattupalli and
Deendayal Port. We will now han- operation, and maintenance under a grated Transport Utility, offering Ennore in Tamil Nadu, and Karai-
dle multipurpose clean cargo at the 30-year concession. comprehensive solutions from port kal in Puducherry), accounting for
port, in addition to dry bulk cargo The project, following the DB- to customer. 27 per cent of India’s total port
that we already handle. The berth FOT (Design, Build, Finance, Oper- As India’s largest port develop- volumes.

www.TheIndianEYE.com