Adani Group plans to spend Rs 7 trillion ($84 billion) on infrastructure over the next decade, a similar amount the Indian conglomerate owned by billionaire Gautam Adani has lost in market value since corporate fraud allegations were leveled against it by a US short-seller earlier this year.
“We desire to invest more,” Jugeshinder Singh, the group chief financial officer, told reporters on Friday in Mumbai, without fleshing out further details.
Singh’s ambitious expenditure targets are part of Adani’s strategy to attempt to draw a line over damaging allegations made by Hindenburg Research in January, after the short-seller accused the conglomerate of engaging in years of stock price manipulation and accounting malpractice. The company has strongly denied any wrongdoing.
