Gautam Adani reached out to more countries in the Middle East and Central Asia to expand the boundaries of his mining-to-infrastructure conglomerate, as Asia’s richest man faces intense public scrutiny following a scathing report by US short seller Hindenburg Research.

Adani met Egyptian President Abdel-Fattah El-Sisi in New Delhi on Thursday and discussed investing in the Arab nation’s ports and airports, renewables and green hydrogen, data centres and cable networks, according to a statement on the Presidency’s website. 

A week earlier, the 60-year-old chairman of the Adani Group met Azerbaijani President Ilham Aliyev in Davos on the sidelines of the World Economic Forum. They discussed prospects of Adani Group’s investment in petrochemicals, mining and metallurgical industries, according to a statement from Aliyev’s office on Jan 19.

Adani’s soaring ambition to diversify globally contrasts with a rout in shares of his group’s companies, which have lost almost US$50 billion in market value in less than two sessions after US-based Hindenburg Research issued a report on Jan 24, making wide-ranging allegations of corporate malpractice following a two-year investigation into the tycoon’s companies. 

The Adani Group has said it is exploring legal action after a “maliciously, mischievous, unresearched” report by the short seller. Hindenburg replied that it fully stands by its report.

  - Bloomberg