AHMEDABAD (Gujarat): The Adani Group on Monday outright refuted the hot ‘Financial Times’ record on overseas direct funding into the conglomerate and termed it to be a “competitive race” to rip down the conglomerate.
Adani Group wrote a letter to the Financial Times following the thing’s e-newsletter that contained what the conglomerate termed “fundamental misunderstandings” of Adani Group disclosures, and “resultant inaccuracies”, and requested the e-newsletter to take down the tale in an instant from its site.
“Through the creation of a misleading narrative, your story has created a reputational impact on Adani Group companies, We ask you to take down the story immediately from your website,” Adani Group stated in a commentary on Monday.
The March 22 Financial Times record titled “Indian Data Reveals Adani Empire‘s reliance on offshore funding”, bringing up an research of India’s FDI remittance statisticsclaimed virtually part of all overseas direct funding into the conglomerate in recent times got here from offshore entities connected to the Gautam Adani circle of relatives.
According to the Financial Times research, statistics confirmed that offshore corporations connected to the Adanis invested a minimum of USD 2.6bn within the team between 2017 and 2022, accounting for 45.4 in step with cent of the greater than USD 5.7bn gained in overall FDI throughout the length.
“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,” Adani Group stated on Monday.
Further, the Adani Group’s commentary stated that the Financial Times tale has “driven misunderstanding in the market and with other media, and has become a political issue, we are compelled to share this information publicly at this time.”
“That is regrettable, but could have been avoided by your reporters taking a careful and objective approach,” it added.
Adani Group wrote a letter to the Financial Times following the thing’s e-newsletter that contained what the conglomerate termed “fundamental misunderstandings” of Adani Group disclosures, and “resultant inaccuracies”, and requested the e-newsletter to take down the tale in an instant from its site.
“Through the creation of a misleading narrative, your story has created a reputational impact on Adani Group companies, We ask you to take down the story immediately from your website,” Adani Group stated in a commentary on Monday.
The March 22 Financial Times record titled “Indian Data Reveals Adani Empire‘s reliance on offshore funding”, bringing up an research of India’s FDI remittance statisticsclaimed virtually part of all overseas direct funding into the conglomerate in recent times got here from offshore entities connected to the Gautam Adani circle of relatives.
According to the Financial Times research, statistics confirmed that offshore corporations connected to the Adanis invested a minimum of USD 2.6bn within the team between 2017 and 2022, accounting for 45.4 in step with cent of the greater than USD 5.7bn gained in overall FDI throughout the length.
“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,” Adani Group stated on Monday.
Further, the Adani Group’s commentary stated that the Financial Times tale has “driven misunderstanding in the market and with other media, and has become a political issue, we are compelled to share this information publicly at this time.”
“That is regrettable, but could have been avoided by your reporters taking a careful and objective approach,” it added.