Leaderspeak
‘GSA Is A Karma Yogi’
Excerpts from Group Head (CBC) & President & Head (Strategy and Chairman’s Office) Aman Singh’s address on Adani Day, highlighting Chairman Gautam Adani’s journey of overcoming adversity and emerging Stronger Than Ever.
“क्या हार में क्या जीत में
किंचित नहीं भयभीत मैं
संधर्ष पथ पर जो मिले
यह भी सही वह भी सही।
वरदान माँगूँगा नहीं।
हो कुछ पर हार नहीं मानूंगा”
When Dr Shiv Mangal Suman crafted these lines, which resonated deeply with Atal Bihari Vajpayee-ji, he may well have envisioned our Chairman, Gautam Adani.
Last year was perhaps the most challenging in our Group's young history. Despite our strong foundation promising at least a century of progress, the adversity we faced was unprecedented. On 27 Jan 2023, after the Hindenburg report was released, we saw an astonishing INR 3,20,000 crore vanish from our market cap in a single day – the largest loss ever recorded by a company.
Yet, undeterred, our Chairman was in Israel the very next day, taking over the Haifa Port. He returned to Ahmedabad on 1 Feb, convening a board meeting to return the proceeds of a successful FPO. This decision to return INR 20,000 crore was unprecedented, motivated by his unwavering commitment to ensuring our investors didn’t lose a single paisa.
In just eight trading sessions between 25 Jan and 8 Feb, our market cap plummeted from INR 19,20,000 crore to INR 9,40,000 crore, a staggering 49% loss. As someone who has fought many battles, both professional and personal, I found myself edgy and nervous on the morning of 8 Feb. I requested a meeting with the Chairman, which turned into a pivotal conversation between a soldier and a general.
During this meeting, I learned three invaluable lessons. First, the Chairman emphasised that market sentiment is transient, but our business fundamentals are solid. He assured me that while the market would continue to fluctuate, we should remain focused on our core values and long-term goals. He also planned to release INR 17,000 crore of margin-linked financing to insulate us from market volatility.
Secondly, he stressed that his philosophy has always been "others first, Adani family later." This guiding principle has driven every decision he has made over the past 30 years and was the reason behind returning the FPO money and saving the banks by returning margin-linked shares. He even ensured that the HR team completed the appraisal cycle and paid performance-linked incentives to all employees in April, despite the crisis.
Lastly, he taught me that life is a series of choices – the oldest being whether to play victim or not. As a first-generation entrepreneur, he is accustomed to attacks and challenges, but he refuses to be bitter or play the victim. Instead, he carries only lessons from each experience, maintaining a positive outlook.
The market eventually settled between INR 6,00,000 crore and INR 7,00,000 crore, as predicted, reaching its lowest point at INR 6,80,000 crore on 27 Feb 2023. However, by 5 Dec 2023, our valuation had surged by INR 1,90,000 crore in a single day, yet the Chairman remained indifferent to the market fluctuations, focusing solely on our mission.
Reflecting on an old advertisement in Business Today from 1998, when the Mundra project was just beginning, it is astonishing to see how far we have come. From a vision of building one of the largest ports in India, today Mundra is the biggest port in the country, and APSEZ is on its way to becoming the largest port and logistics company globally. We've become the biggest private thermal transmission and distribution company and the largest green energy company, soon to be the biggest in the world.
This extraordinary vision and overachievement illustrate Mr Gautam Adani's unparalleled leadership. Numbers have never been his focus; instead, he prioritises our country’s development. His commitment to creating world-class infrastructure in India sets new benchmarks and changes the landscape of our nation forever.
"I remember the famous poem by Rudyard Kipling about treating triumph and disaster as impostors. Our Chairman and our Group embody this value system."
Our journey hasn’t been without critics. Since 1998, skeptics have dismissed our aspirations, laughed at us, and attacked us. Yet, Mr Gautam Adani remains a true karma yogi, undeterred by criticism and focused on propelling India forward. As he says, "There has never been a better time to be an Indian." And I proudly echo, "There has never been a better time to be an Adanian, led by the greatest entrepreneur of this century."
Thank you!