At Trust Group’s India Debt Capital Market Summit 2024 in Mumbai, Adani Group CFO Jugeshinder Singh, commonly known as Robbie Singh, reiterated the company's stance on not seeking new funds from debt or equity markets to support its growth strategy. Singh emphasized the group's financial independence, expressing confidence in making investments with internally earned funds regardless of market conditions.
Singh's statements come amidst allegations by US authorities accusing Adani founder Gautam Adani, his nephew Sagar Adani, and others of corruption, including defrauding US investors. These accusations have triggered a significant market value decline across Adani stocks, leading Adani Green Energy to withdraw a substantial bond offering. Despite these challenges, Singh highlighted the Adani Group's robust financial standing, citing a significant cash reserve of $6.3 billion and projected earnings of $7 billion in the upcoming year to offset repayments and maintain a surplus of $10 billion. Singh emphasized that the group's banking partners and investors understand its financial strength and reiterated that external funding remains available but unnecessary at present.
The Adani Group's shares surged following Singh's reassurances, with gains exceeding ₹50,000 crore in market value. Notably, Adani Green Energy and Adani Energy experienced substantial increases in stock prices, with other group companies also recording significant gains. Singh detailed the group's ambitious investment plans, aiming to invest $100 billion over the next decade, with an annual allocation of $10 billion. These projections align with the group's goal of generating $114 billion in post-tax cash over the same period, underlining its financial stability despite recent challenges. Singh affirmed the Adani Group's pivotal role in infrastructure development, highlighting its significant contribution to India's private capital expenditure and government spending. Addressing the bribery allegations, Singh refuted the accusations and announced plans to address any factual discrepancies within a specified timeframe, asserting the group's commitment to transparency and adherence to legal standards. Looking ahead, Singh hinted at potential revival of the scrapped dollar bond sale by Adani Green Energy in mid-2025, contingent on ongoing investigations' outcomes, while other group entities may explore public bond offerings in the near future.