Adani Group to Invest $15-20 Billion Over Next 5 Years Across Businesses

'In the face of fierce headwinds and relentless scrutiny — we have never retreated. Instead — we have recalibrated,' chairman Gautam Adani said

- OUR CORRESPONDENT

NEW DELHI: Despite facing consecutive acquisitions and intense scrutiny, Adani Group never backed down and instead adapted its strategy, emerging more resilient, formidable and unbreakable, its chairman Gautam Adani said.

The conglomerate will invest $15-20 billion over the next five years across businesses, he said, touting its strong balance sheet and robust business growth.

In January 2023, US short seller Hindenburg Research published a scathing report describing Adani Group as "the largest con in corporate history." The fallout was swift: stock prices plummeted, wiping out over $150 billion in market value at the lowest point, and the group's biggest public offering was abruptly scrapped.

Just as the group scripted a comeback through a mix of trimming debt, cutting back on the founder's pledged shares, bringing in both promoter and marquee investor equity, and refocusing attention on the group's core businesses, it was hit by US authorities charging Adani and his close associates of allegedly paying bribes to secure Indian power supply contracts and misleading US investors during fund raises.