There is competitive race to tear down group: Adani Group on Financial Times report
Apr 10, 2023
Ahmedabad (Gujarat) [India], April 10 : The Adani Group on Monday outrightly refuted the recent 'Financial Times' report on foreign direct investment into the conglomerate and termed it to be a "competitive race" to tear down the conglomerate.
Adani Group wrote a letter to the Financial Times following the article's publication that contained what the conglomerate termed "fundamental misunderstandings" of Adani Group disclosures, and "resultant inaccuracies", and asked the publication to take down the story immediately from its website.
"Through the creation of a misleading narrative, your story has created reputational impact on Adani Group companies. We ask you to take down the story immediately from your website," Adani Group said in a statement on Monday.
The March 22 Financial Times report titled "Indian Data Reveals Adani empire's reliance on offshore funding", citing an analysis of India's FDI remittance statistics, claimed almost half of all foreign direct investment into the conglomerate in recent years came from offshore entities linked to the Gautam Adani family.
According to the Financial Times analysis, statistics showed that offshore companies linked to the Adanis invested at least USD 2.6bn in the group between 2017 and 2022, accounting for 45.4 per cent of the more than USD 5.7bn received in total FDI during the period.
"We understand the competitive race to tear down Adani can be alluring. But we are fully compliant with securities laws and are not obscuring promoter ownership and financing," Adani Group said on Monday.
Further, the Adani Group's statement said that the Financial Times story has "driven misunderstanding in the market and with other media, and has become a political issue, we are compelled to share this information publicly at this time."
"That is regrettable, but could have been avoided by your reporters taking a careful and objective approach," it added.
