New Delhi: Adani Group Chairman Gautam Adani has urged the Group staff to accelerate the pace of innovation and drive bold advances in energy, logistics, and other infrastructure that push the very edges of possibility, as the cloud of the Hindenburg case over the conglomerate has been lifted with the SEBI verdict rejecting the allegations of the US short-seller.
“We must build not for today’s applause but for a legacy that endures for decades. Headlines fade, but what we create must leave its mark on history,” Gautam Adani said in a letter to the Group’s staff.
“Today, a cloud that had hung over us for more than two years has been lifted. SEBI’s comprehensive investigation has concluded by rejecting all allegations contained in the Hindenburg report from January 2023,” the letter states.
Adani Group repeatedly denied the allegations made by US-based Hindenburg Research, which ironically, itself came under a cloud due to its controversial short-selling practices and had to shut down its operations amid widespread criticism in the American press.
The SEBI ruling states that “the matter has been considered holistically, and the allegations made against the Adani Group are not established”.
Gautam Adani called the allegations part of a “targeted, multidimensional assault” and lauded his employees for maintaining operational momentum despite global scrutiny. “This attack was never just a market event,” he remarked.
He praised the group’s workforce for continuing to execute major infrastructure projects during the scrutiny. Ports, power plants, airports, and renewable energy projects continued to expand as the group faced reputational and legal pressure.
“While the world debated about us, our ports expanded, transmission lines stretched farther, power plants ran reliably, renewable projects continued to green the world, airports advanced, cement furnaces fired away, and logistics teams delivered flawlessly,” he said. “You proved that execution under pressure is the truest test of character, and that the Adani character is simply unbreakable.”
Gautam Adani further stated in his letter that the Adani Group had emerged stronger and laid out future priorities, including a focus on transparency, innovation, long-term value creation, and transformation.
“Integrity and transparency must remain the foundation of everything we do – inseparable, uncompromising, and safeguarded relentlessly,” he said.
Other priorities will include accelerating innovation in energy, logistics and infrastructure; building a legacy that endures for decades beyond headlines; and embracing transformation to shape the future rather than be shaped by it, he stressed.
Asking employees to embrace transformation, he said, the future will march forward with or without us. “Either we shape the future into what we dream or be shaped by the future into what we fear.”
Gautam Adani also struck an emotional chord in thanking the Group’s staff for supporting him through the ordeal.
“I know the quiet anxieties your families felt, the doubts even you may have felt at times, and yet, day after day, you showed up-you fought for my beliefs,” he remarked.
He pointed to the group’s operational resilience, noting that “while the world debated about us, our ports expanded, transmission lines stretched farther, power plants ran reliably, renewable projects continued to green the world, airports advanced, cement furnaces fired away, and logistics teams delivered flawlessly.”
Gautam Adani also referred to the controversy as an ‘agnipariksha’, saying every crisis deepens foundations and strengthens resolve. He warned employees that more tests would follow, but urged them to draw confidence from the group’s performance under pressure.
The crisis rattled global investors, prompted questions from the Supreme Court, and led to the SEBI initiating multiple investigations. While Hindenburg subsequently ceased operations in January 2025 under what Adani called “mysterious circumstances”, the shadow of its allegations lingered until the regulator’s latest findings.
Despite facing credit downgrades and investor scepticism in early 2023, the group has since regained market value, bolstered by strategic equity investments from global firms, including GQG Partners and the Abu Dhabi-based International Holding Company. What also helped was the paring of debt and resumption of expansion in the core infrastructure business.
As of Monday, shares of Adani Enterprises Ltd have surged more than 80 per cent to outperform the Nifty 50 Index.
“Let history remember the past three years as the spark that built a greater Adani – an Adani that stood taller in dignity with every challenge it quietly overcame. And let our resolve echo – echo through every barrier we dared to break, echo through every tomorrow we dared to build, echo through every dream we dared to chase, And may the name Adani forever stand for courage, conviction, and a promise we all kept to our motherland, Bharat,” Gautam Adani said.
He urged employees to let the group’s story stand for “courage, conviction, and a promise we all kept to our motherland, Bharat”, and signed off with ‘Satyameva Jayate, Jai Hind.’
(IANS)
