Ahmedabad (Gujarat): The Adani Group on Monday categorically denied the recent ‘Financial Times’ report on foreign direct investment in the group and termed it a “competitive race” to eliminate the group.
The Adani Group wrote a letter to the Financial Times following the publication of the article over what the group called a “fundamental misunderstanding”. Adani group’s disclosures, and “consequential inaccuracies”, and asked the publication to immediately remove the story from its website.
“Through the creation of a deceptive narrative, your story has created an iconic effect. Adani group companies, “We ask you to remove the story from your website immediately,” Adani Group said in a statement on Monday.
The March 22 Financial Times report titled “Indian data reveals the Adani empireCiting India’s ‘reliance on offshore funding’ analysis FDI Remittance Statisticsclaimed that nearly half of all foreign direct investment in the group in recent years came from offshore entities linked to the Gautam Adani family.
According to a Financial Times analysis, the data shows that offshore companies linked to Adani will invest at least US$2.6 billion in the group between 2017 and 2022, of the US$5.7 billion in total FDI received during the period. 45.4 per cent of the above.
Adani Group on Monday said, “We understand that the competitive race to eliminate Adani can be tempting. But we are fully compliant with securities laws and are not obscuring promoter ownership and financing.”
In addition, the statement from the Adani Group said that while the Financial Times story “has caused misunderstanding in the market and with other media, and has become a political issue, we cannot share this information publicly at this time.” are forced to.”
“This is regrettable, but could have been avoided had your journalists taken a careful and objective approach,” it added.
The Adani Group wrote a letter to the Financial Times following the publication of the article over what the group called a “fundamental misunderstanding”. Adani group’s disclosures, and “consequential inaccuracies”, and asked the publication to immediately remove the story from its website.
“Through the creation of a deceptive narrative, your story has created an iconic effect. Adani group companies, “We ask you to remove the story from your website immediately,” Adani Group said in a statement on Monday.
The March 22 Financial Times report titled “Indian data reveals the Adani empireCiting India’s ‘reliance on offshore funding’ analysis FDI Remittance Statisticsclaimed that nearly half of all foreign direct investment in the group in recent years came from offshore entities linked to the Gautam Adani family.
According to a Financial Times analysis, the data shows that offshore companies linked to Adani will invest at least US$2.6 billion in the group between 2017 and 2022, of the US$5.7 billion in total FDI received during the period. 45.4 per cent of the above.
Adani Group on Monday said, “We understand that the competitive race to eliminate Adani can be tempting. But we are fully compliant with securities laws and are not obscuring promoter ownership and financing.”
In addition, the statement from the Adani Group said that while the Financial Times story “has caused misunderstanding in the market and with other media, and has become a political issue, we cannot share this information publicly at this time.” are forced to.”
“This is regrettable, but could have been avoided had your journalists taken a careful and objective approach,” it added.