NEW DELHI: The Adani Group countered a report from the London-based “Financial Times” which was relied upon by Congress leader Rahul Gandhi, saying that the story “incorrectly mixed primary and secondary investments” and also ignored entirely a secondary transaction of $2 billion “so that the reporters could conveniently create an illusion of gap in funding to support their pre-conceived thesis of supposed round-tripping”.
Responding to the article, “Indian Data Reveals Adani empire’s reliance on offshore funding”, the Group said it had raised $2.7 billion (over Rs 20,000 crore) by sale of equity in two Adani companies to Total Gas of France. These funds were reinvested in other Adani companies. In addition, the promoters have substantial holdings in Adani companies, which have increased over time. “It is through the timely use of funds received through the sale of equity that these entities have been able to increase their investments,” it said. Rahul Gandhi, on the basis of this news report, had claimed that Rs 20,000 crore had come into Adani Group companies through “shell companies”.
“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,” said the Group while asking “Financial Times” to take down the story which has caused misunderstanding in the market and has become a political issue.