Adani Group, in an exchange filing on Monday, shared a letter sent to the Financial Times (FT) following its publication of an article that contained "fundamental misunderstandings of prior Adani Group disclosures, and resultant inaccuracies in the story."
"Your article of March 22, 2023, 'Indian Data Reveals Adani empire's reliance on offshore funding' is, on the face of it, a mendacious, deliberate effort to attempt to paint the Adani family and the Adani Group in the worst possible light. In doing so, it reveals a willingness to be selective in using publicly available facts, lazy in its approach to understanding disclosures to which your reporters were directed, and makes insinuations that are false and damaging," the group stated.
"Our statement to your reporter, that all the transactions about which the FT 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 FT covered at the time)," it added.
The energy-to-ports conglomerate also mentioned that as publicly disclosed on January 18, 2021 and January 23, 2021, the Adani Group's promoters raised $2 billion through the sale of a 20 per cent stake in Adani Green Energy to TotalEnergies of France (then Total Renewables SAS), a fact the FT contemporaneously reported but chose to ignore completely in the March 22, 2023 story.
"In October 2019, the promoters had raised around $700 million through the sale of a 37.4 per cent stake in Adani Total Gas, a fact published in an Adani press release. Again, the FT chose to ignore this fact in its report, although it did publish the news at that time," it further stated.
All 10-listed Adani stocks, including ACC, Ambuja Cements and NDTV, were trading in the green. Shares of Adani Transmission, Adani Total Gas and Adani Green Energy were locked in the upper price bands of 5 per cent, respectively.
Meanwhile, Indian equity benchmarks traded higher in afternoon deals today, extending their gains for the sixth straight session. The domestic indices continued their climb, led by gains in automobile, technology, metal and energy stocks.
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