Adani Group Calls Report By Financial Times As Inaccurate

Adani Group issued a letter to the editor of the Financial Times on Monday, claiming that the article contained fundamental misunderstandings of prior Adani Group disclosures, resulting in inaccuracies in the story, according to an exchange filing.

According to the letter, the report is  'a mendacious, deliberate effort to attempt to paint the Adani family and the Adani Group in the worst possible light.' The company also stated that the publication was selective in its use of publicly available facts and sloppy in its approach to understanding the disclosures to which the reports were directed. The company also mentioned that the reports' insinuations are false and damaging.

In a letter to the editor, the company stated,  "Our statement to your reporter, that all the transactions about which the Financial Times inquired have been publicly disclosed, is accurate, and the story amply demonstrates that your reporters conveniently chose not to look in a meaningful way at those public disclosures or even at the related press releases (including ones that the Financial Times covered at the time).

If your reporters had fully taken into account all of those filings and other disclosures, they would have been simply unable to include - with any honesty - their subjective epithets about "hard-to-scrutinise money flows", "opaque overseas investments" and "funds of unclear provenance." "

Adani Group also claims that the report incorrectly mixed primary and secondary investments and ignored $ 2 billion in secondary transactions in order to show a $2 billion gap to support the report's thesis of round-tripping. The group also stated that the report contradicts itself when discussing offshore funding. As one paragraph of the report claims that the offshore accounts are the promoters of the company, they are referred to as obscure entities.

Finally, the company stated, "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. Through the creation of a misleading narrative, your story has created a reputational impact on Adani Group companies. We ask you to take down the story immediately from your website. Further, because this story has driven misunderstanding 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 could have been avoided by your reporters taking a careful and objective approach."