The Adani Group on Monday said its business plan is fully-funded and that the group entities will review capital market strategies once the current market stabilises.
The statement comes after a Bloomberg report claimed, citing unnamed sources, that the group had halved its revenue growth targets and would hold off fresh capital expenditure.
“Balance sheet of each of our independent portfolio companies is very healthy. We have industry-leading development capabilities, strong corporate governance, secure assets, strong cashflows and our business plan is fully funded,” said a company spokesperson.
“Once the current market stabilises, each entity will review its own capital market strategy, be rest assured, we are confident in the continued ability of our portfolio to deliver superior returns to shareholders,” the statement added.
Notably, at the time of its ₹20,000-crore follow-on public offer (FPO), Jugeshinder Singh had told businessline that if the FPO failed, “we will postpone the growth programme for 6-9 months and then do it later.” After the stock market rout, the group had withdrawn the FPO on February 1.