The Adani Group categorically denied the recent ‘Financial Times’ report on foreign direct investment into the company, calling it a “competitive race” to demolish the business.
Following the publication of the article, Adani Group sent a letter to the Financial Times including “fundamental misunderstandings” of Adani Group disclosures and “resultant inaccuracies,” and demanded the newspaper to remove the story from its website immediately.
“By fabricating a false narrative, your story has harmed the reputation of Adani Group companies. We request that you remove the story from your website immediately,” Adani Group said in a statement on Monday.
According to a 22nd March Financial Times report titled “Indian Data Reveals Adani Empire’s Reliance on Offshore Financing,” which cited an analysis of India’s FDI remittance statistics, nearly half of all foreign direct investment into the conglomerate in recent years has come from offshore entities linked to the Gautam Adani family.
As per the Financial Times study, offshore businesses related to the Adanis invested at least USD 2.6 billion in the group between 2017 and 2022, accounting for 45.4 percent of the total FDI received over the period.
“We understand how appealing the competitive drive to demolish Adani can be. However, we are fully compliant with securities laws and are not concealing promoter ownership or financing,” Adani Group stated on Monday.
As per the Adani Group’s statement, the Financial Times piece has “caused confusion in the market and with other media, and has become a political issue; we are compelled to share this information publicly at this time.”
“That is regrettable, but it could have been avoided if your reporters had taken a careful and objective approach,” the statement continued.