Surat: Adani Group Chairman Gautam Adani said that the support of customers and shareholders is my biggest source of strength. Loktej Business, Regional News

Addressing the Annual General Meeting of the Adani Group, Adani Group Chairman Gautam Adani said that when I founded the Adani Group three decades ago, I had not thought that one day it would become one of the largest groups in the country. will become one. Adani Enterprises, formerly known as Adani Exports, launched our IPO on 12th September, 1994. At that time I was 32 years old. Today, when I look back on that time, I am grateful to all the people who have enabled this company to get to where it is today. Although our true ambitions are still ahead of us, when we look back in time, we realize how much we have achieved in the last 30 years.

In this journey, if we talk about one feature that has defined us, it is our resilience. The resilience that makes us stronger each time we face adversity, the resilience that inspires our faith in the nation we call our motherland and the resilience that allows us to pursue our dreams. passion to accomplish and I’ll be talking about each of these today.

As you all know on the eve of our Republic Day this year a US short-seller published a report to short our stock. This was also the time when we were planning to launch the largest Follow-on Public Offering in the history of India. This targeted report was nothing more than a combination of misinformation and slanderous allegations, with most of the facts presented from 2004 to 2015. At that time everything was clarified by the appropriate authorities regarding this erroneous report. This report was intentionally created under the guise of a malicious attempt, intended to damage our reputation and make profits through short-term declines in our stock prices.

It is my commitment that we will continue to strive to improve these every day. Our track record speaks for itself and I am thankful to all our stakeholders for their unwavering support when we were faced with challenges. It is worth noting that even during this crisis, not only have we raised several billion dollars from international investors, but none of the credit agencies in India or abroad have downgraded our ratings. This is the strongest confirmation of investor confidence in the company’s governance and capital allocation practices.

Over the past decade, a statement I’ve repeated dozens of times is my firm belief in the future of the nation we call our motherland. Let me try to set some context. Today, it cannot be denied that the world continues to grapple with multiple problems, be it the climate emergency, geopolitical challenges, supply chain and energy volatility, or persistent inflation. We have never seen a time when such incidents are happening at the same time and there is no clarity of solution.

As economic cycles are becoming difficult to predict, there is no doubt that India, which is already the 5th largest economy in the world, will become the 3rd largest economy in the world before 2030 and then by 2050. Will become the second largest economy in the world. There is no doubt that for any economy to implement policy and lay the foundation for development
A stable government is important and we have seen the impact of this with the implementation of several structural reforms that are critical for strong, sustainable and balanced growth. This is a powerful combination of stability, India’s demographics and the ever-expanding internal demand.

Given the demographic dividend of our country, it is expected that this will increase consumption and increase the tax paying society at a record pace. The United Nations Population Fund estimates that even in the year 2050, the average age of India will be only 38 years. In this period, India’s population is expected to grow by about 15% to 1.6 billion and per capita income to increase by more than 700% to about US$16,000. Based on purchasing power parity, this per capita metric would be 3 to 4 times higher.

We also have the statistics to prove it. After our independence it took us 58 years to reach the first trillion dollar of GDP, 12 years to reach the second trillion dollar and only 5 years to reach the third trillion dollar. I estimate that within the next decade, India will start adding a trillion dollars to its GDP every 18 months. This will take us on the path of becoming a $25 to $30 trillion economy by 2050 and will take India’s stock market capitalization to over $40 trillion, almost 10 times the current level.

Our balance sheet, assets and operating cash flow continue to strengthen and are now better than ever. The speed at which we have been able to make acquisitions and transitions is unmatched across the national landscape and has fueled our expansion substantially. Our national and international partnerships are testament to our governance standards. The scale of our international expansion is attested to by our success in Australia, Israel, Bangladesh and Sri Lanka.

Finally, on the partnership front, the Adani Group continues to attract global investment partners aligned to our long-term vision of building and operating world-class assets. In March 2023 we successfully executed a USD 1.87 billion secondary transaction with GQG Partners despite volatile market conditions I have never been able to list so many achievements in the history of our Group and thank you all for your support and our I am deeply grateful for the trust.

Dear Shareholders, Our country is now the most exciting land of opportunities. We have always believed in our growth with the betterment of the country and our track record speaks for itself. The group will continue to build on what it has built while expanding its horizons.

Our customers speak for us, our investors speak for us, our shareholders speak for us and our results speak for us. We could choose to settle with average growth numbers, we could work every day believing that we are on the verge of being one of the most influential groups our country has ever created. 44,000 Adanis chose the latter option. I want to emphasize once again that I am very grateful for all of your support. It has been a source of my greatest strength. I promise that I will do my best to uphold the trust you have placed in me and my team.