Gautam Adani is to infra what Steve Jobs was to smartphones: CFO Jugeshinder Singh

Adani Group CFO Jugeshinder Singh, also known as Robbie in corporate circles, said that Gautam Adani’s contributions in the field of infrastructure are at par with that of Steve Jobs in the realm of smartphones. Singh said that Adani has not only single-handedly changed the domestic infrastructure landscape but also pioneered infrastructure development by the private sector globally. 

Singh said in an exclusive conversation with Business Today’s Siddharth Zarabi, "Adani is to infrastructure investments what Steve Jobs was to smartphones. So, he has singularly altered the landscape of infrastructure in India and pioneered the development of infrastructure by [the] private sector even at a global level in a unique model."

Singh further added that personally, he is able to face all these challenges because he can reach out to Adani at any given point of time. The Adani Group CFO said, "For me, who is facing this, I'm able to do this because I know personally that whether it is 02:00 am at night, 03:00 am at night, I can reach him and his only thing will be what is it that you need me to do."

Singh’s comments come after the US-based activist short-seller firm Hindenburg Research accused the Adani Group of indulging in accounting fraud, stock manipulations, and money laundering over decades. Hindenburg said, “We have uncovered evidence of brazen accounting fraud, stock manipulation, and money laundering at Adani, taking place over the course of decades. Adani has pulled off this gargantuan feat with the help of enablers in the government and a cottage industry of international companies that facilitate these activities.”

Also read: BT EXCLUSIVE: MSCI hasn’t formally reached out to us, says Adani group CFO Jugeshinder Singh

The report also accused the billionaire’s elder brother Vinod Adani of managing offshore entities through close associates while claiming it identified 38 Mauritius shell companies controlled by either Vinod Adani or his close associates. Hindenburg further said in its report that apart from these entities in Mauritius, it has also identified entities controlled by Adani in the UAE, Cyprus, and several Caribbean Islands. 

Responding to these accusations, the Adani Group said in a note, “This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity, and quality of Indian institutions, and the growth story and ambition of India.”

Meanwhile, Gautam Adani has slipped from the third spot to the seventh spot in the Bloomberg Billionaires’ Index. Adani’s net worth stands at $92.7 billion at the time of writing this story. The Adani Group boss ranked number eight in terms of his net worth on the Forbes Billionaires Index. As per this index, Adani’s net worth is $88.7 billion at present. 

Also read: 'Hindenburg copy-pasted our disclosures, did no research,' says Adani Group CFO Jugeshinder Singh

Also read: ‘Adani Group draped itself in Indian flag while systematically looting nation,’ says Hindenburg