Gautam Adani counters Rahul Gandhi's Rs 20,000 cr claim, says $2.6 bn stake sale money came in group firms !

 

Billionaire Gautam Adani's group on Monday listed out details of the USD 2.87 billion stake sales in group firms since 2019 and how USD 2.55 billion of this was ploughed back into business, as it looked to counter Congress leader Rahul Gandhi's claim of Rs 20,000 crore coming in to the conglomerate through 'shell companies'. While investors such as Abu Dhabi-based global strategic investment company, International Holding Company PJSC (IHC) invested USD 2.593 billion in group firms such as Adani Enterprise Ltd and Adani Green Energy Ltd (AGEL), promoters sold stake in Adani Total Gas Ltd and AGEL to raise USD 2.783 billion.

"These funds were reinvested by promoter entities to support the growth of new business and in portfolio companies such as Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, Adani Transmission Ltd and Adani Power Ltd," the group said.

The statement was issued rebutting reports in an international publication, which apparently was the basis of Gandhi's statement late last month questioning how "Rs 20,000 crore suddenly arrived in Adani's 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," it said.

Adani said promoters in January 2021 raised USD 2 billion through the sale of 20 per cent stake in renewable energy firm, AGEL to French giant TotalEnergies. Prior to that, they had sold a 37.4 per cent stake in city gas arm, Adani Total Gas Ltd to the same French firm for USD 783 million.

Adani said the funds came from sale of stake in Adani Total Gas. Also, they weren't obscure entities because they are promoter held.

$2.6 bn stake sale money came in group firms: Adani counters Rahul Gandhi's ‘Rs 20,000 Crore’ claim

A statement by the Adani group on Tuesday aimed at rebutting reports by an international publication, which apparently was the basis of Rahul Gandhi's statement late last month, questioning how "Rs 20,000 crore suddenly arrived in Adani's shell companies.