Synopsis
The Adani Group has announced a remarkable increase in its global tax contributions, totaling Rs 58,104.4 crore for FY 2023-24, significantly up from Rs 46,610.2 crore the previous year. This reflects the Group's commitment to transparency, integrity, and responsible corporate governance.Key Takeaways
- Rs 58,104.4 crore in total tax contributions for FY 2023-24.
- Increased from Rs 46,610.2 crore in the previous year.
- Reports published by seven listed entities.
- Commitment to transparency and good governance.
- Tax contributions include direct, indirect, and other forms.
Ahmedabad, Feb 23 (NationPress) The Adani Group has reported a total of Rs 58,104.4 crore in global tax and other contributions to the exchequer for the financial year 2023-24, marking a substantial rise from last year's Rs 46,610.2 crore through its various listed entities, as announced by the company on Sunday.
In alignment with its dedication to maintaining the highest governance standards and fulfilling its obligations to all stakeholders, the Adani Group, a global frontrunner in infrastructure development, has published its 'Tax Transparency Reports' for FY24.
The independent reports are made available by seven of the group’s listed entities - Adani Enterprises Limited, Adani Ports and Special Economic Zone Limited, Adani Green Energy Limited, Adani Energy Solutions Limited, Adani Power Limited, Adani Total Gas Limited, and Ambuja Cements Limited.
This total also encompasses taxes contributed by three additional listed companies - NDTV, ACC, and Sanghi Industries - which are part of the seven companies' holdings.
“Transparency is fundamental to trust, and trust is crucial for sustainable growth,” stated Gautam Adani, Chairman of the Adani Group.
“As one of India’s prominent contributors to the exchequer, we acknowledge that our responsibilities extend beyond mere compliance. It embodies our commitment to integrity and accountability. Every rupee we contribute to our nation’s finances illustrates our pledge to transparency and good governance,” the billionaire industrialist remarked.
By voluntarily disclosing these reports to the public, “we strive to enhance stakeholder confidence and establish new standards for responsible corporate behavior,” added Gautam Adani.
The 'Tax Transparency Reports' offer a detailed overview of the Adani Group’s global tax and other contributions. This includes Direct Contributions such as global taxes, duties, and other charges incurred by Adani’s portfolio of companies; Indirect Contributions consisting of global taxes and duties collected and paid on behalf of other stakeholders; and Other Contributions like social security, etc., provided for employees' benefits.
Through this voluntary initiative, the Group aims to showcase its commitment to transparency, enhance stakeholder trust, and contribute to a more accountable global tax framework.
The Adani Group regards tax transparency as a vital element of its broader Environment Social Governance (ESG) framework. The group is dedicated to aligning growth with social responsibility, aspiring to transform India’s infrastructure landscape while fostering innovation and generating long-term stakeholder value.
As the global tax landscape evolves, progressive companies are proactively publishing Tax Transparency Reports, despite the absence of a mandate.
These reports aim to attract broader stakeholder engagement and enhance credibility, while also laying the groundwork for the highest standards of tax transparency.
By prioritizing transparency and integrity in tax compliance and reporting, the Group indicates its intention to build trust with stakeholders and affirm its commitment to responsible business practices.
