The Adani Group on Wednesday responded to the allegations made by senior BJP leader Subramanian Swamy, calling the group the biggest Non-Performing Asset (NPA) trapeze artist in private sector units.
The Adani Group on Wednesday responded to the allegations made by senior BJP leader Subramanian Swamy, calling the group the biggest Non-Performing Asset (NPA) trapeze artist in private sector units.
The Group in a statement said, “Given our rating track record, different sources of debt are available to the Group, ranging from international bonds, ECB loans, domestic bonds, loans from private sector as well as public sector banks in India.
“Singular critical test for debt is its regular servicing-something which Adani Group has implemented diligently. One must also look at financial metrics of Group. Group’s dependence on PSU bank for long-term borrowings is less than 50% at about Rs.34,000 crore and is regularly serviced
“Adani Group has created world class assets and aggregate Net Asset Block of Indian operations stands at over Rs.1,10,000 crore. Aggregate Net Worth of the listed entities stands at over Rs.40,000 crore and aggregate EBIDTA stands at Rs.24,000 crores,” the statement read.
Earlier, Swamy in a tweet said Adani should be made accountable or a Public Interest Litigation (PIL) would be filed against him for recovery of bank loans.
"The biggest NPA trapeze artiste in PSUs is Gautam Adani. It is time he is made accountable or a PIL is inevitable," he tweeted.
Alluding to his tweet, Swamy said that an investigation should be conducted against Adani as he is believed to have Rs 72,000 crores in NPA.
Speaking to ANI, Swamy said, "I tweeted that he (Gautam Adani) seems to be like a trapeze artiste. Information came to me that he may be having as much as Rs 72,000 (crores) in Non-Performing Assets (NPA). This will be clear only after investigation. That's why I raised this question."
According to Bloomberg data, as of September 2017, Adani Power had a total debt of Rs 47,609.43 crore, Adani Transmission Rs 8,356.07 crore, Adani Ent Rs 22,424.44 crore and Adani Ports Rs 20.791.15 crore.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Gautam Adani")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}