The reports showed a combined tax contribution of Rs 581.04 billion, a whopping growth from Rs 466.10 billion in the last fiscal year.
Adani Group made public its tax transparency reports for the financial year 2023-24 latest news: In a major gesture to showcase its stakeholder commitment, the Adani Group made public its tax transparency reports for the financial year 2023-24 on Sunday, February 23. The reports showed a combined tax contribution of Rs 581.04 billion, a whopping growth from Rs 466.10 billion in the last fiscal year. This increase indicates the growing economic influence of the conglomerate.
The reports, released by seven of the group's listed companies separately, as well as Adani Enterprises, Adani Ports, and Adani Green Energy, outline both direct and indirect tax contributions from global operations. The figure also incorporates tax paid by subsidiaries such as NDTV, ACC, and Sanghi Industries. To support its dedication to ethical corporate behavior, the Adani Group hired an independent professional agency to audit the information.
Chairman Gautam Adani presented the disclosures as a reflection of the group's accountability. "Transparency is the building block of trust, and trust is the precursor to sustainable growth," he said. "Each rupee that we invest in our country's coffers speaks of our devotion to transparency and good governance",
The voluntary disclosure of these tax reports follows months after US prosecutors accused Gautam Adani and other Adani Group executives of allegedly running a bribery scheme worth more than $250 million to win lucrative solar energy contracts in India. The November 2024 indictment charged that the group deceived US investors and banks, allowing Adani Green Energy Ltd to mobilize about $3 billion in loans and bond issues on the basis of fraudulent and misleading statements.
The Adani Group rejected the claims as "baseless" and promised to contest them in court.
The indictment caused a steep drop in stock value of Adani Group, erasing $26 billion in market capitalization. Major investors paused investments in Adani Group projects, and investors such as GQG Partners faced financial setbacks due to their association with the group. The voluntary tax disclosure appears to be a strategic move to regain investor confidence and counter the recent controversies surrounding the conglomerate. With global corporate tax transparency gaining momentum, Adani’s initiative aligns with evolving international best practices.
By voluntarily revealing information regarding its tax contributions across the world, the company reiterates its role in economic development, enhances stakeholder awareness, and gains trust through open tax practices. The Adani Group places its tax transparency effort under its Environmental, Social, and Governance (ESG) commitments.
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