The Indian Group says the allegations are clearly preposterous, irrational, and absurd and it is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict damage on the group’s reputation
Our Bureau
Washington, DC/Ahmedabad
In a post on X, US-based short seller Hindenburg Research cited a news report by Swiss media outlet Gotham City and alleged on Thursday that Swiss authorities have frozen over USD 310 million in funds across multiple Swiss bank accounts as part of an investigation into the Adani group.
The Adani Group has rejected and denied “baseless allegations” over reports concerning freezing of some funds in Swiss bank accounts. The Business conglomerate asserted that it has no involvement in any Swiss court proceedings, nor have any of the company accounts been subject to sequestration by any authority.
The Adani Group said in a statement that the allegations are clearly preposterous, irrational, and absurd and it is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict damage on the group’s reputation.
“We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority. Furthermore, even in the alleged order, the Swiss court has neither mentioned our group companies, nor have we received any requests for clarification or information from any such authority or regulatory body,” the statement said.
“We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws. These allegations are clearly preposterous, irrational, and absurd. We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group’s reputation and market value,” the statement added.
Adani Group said it remains steadfastly committed to transparency and compliance with all legal and regulatory requirements and condemned any such effort at baseless allegations.
Meanwhile, Adani Green Energy completed the redemption of all outstanding USD 750 million 4.375 per cent Holdco Notes due on 8 September 2024, the company said on Monday.
This follows the company’s announcement, in January 2024, to fully backstop the Holdco Notes through a fully funded redemption reserve account maintained eight months prior to the redemption date to facilitate full redemption of Holdco Notes upon maturity in compliance with applicable guidelines.
It also emphasized the structured approach to accomplish credit metrics akin to investment grade profile for its underlying debt capital raise program.
With this, the company added that it is committed to having capital market issuances tailored for long-term infra-asset class supported through the predictable and robust cashflow stream to attain long curve emulating underlying asset life.
Adani Ports and SEZ to develop multipurpose berth at Kandla Port
Adani Ports and Special Economic Zone Ltd (APSEZ), India’s leading port developer and operator, has signed a concession agreement with Deendayal Port Authority (DPA) to develop Berth at Deendayal Port in Kandla, Gujarat.
Ashwani Gupta, Whole-time Director and CEO, APSEZ, “Berth No. 13 will diversify our presence at Deendayal Port. We will now handle multipurpose clean cargo at the port, in addition to dry bulk cargo that we already handle. The berth will further consolidate our position on the western coast and enhance our ability to service customers in Gujarat and north India.”
APSEZ has established a wholly owned subsidiary, DPA Container and Clean Cargo Terminal Limited (DPACCCTL), to manage operations at the berth. In July 2024, APSEZ received the Letter of Intent (LOI) for the berth’s development, operation, and maintenance under a 30-year concession.
The project, following the DBFOT (Design, Build, Finance, Operate, and Transfer) model, will handle multipurpose clean cargo, including containers. Berth No. 13, with a length of 300 meters and an annual capacity of 5.7 million metric tonnes (MMT), is expected to be operational by FY27.
Adani Ports and Special Economic Zone Ltd (APSEZ), part of the Adani Group, has transformed from a port operator into an Integrated Transport Utility, offering comprehensive solutions from port to customer.
As India’s largest port developer and operator, APSEZ manages 7 strategically positioned ports and terminals on the west coast (Mundra, Tuna, Dahej, Hazira in Gujarat, Mormugao in Goa, Dighi in Maharashtra, and Vizhinjam in Kerala) and 8 on the east coast (Haldia in West Bengal, Dhamra and Gopalpur in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu, and Karaikal in Puducherry), accounting for 27 per cent of India’s total port volumes.
