Adani Group replies to Swamy's 'inevitable' PIL warning against the company
Adani Group on Wednesday replied to senior BJP leader Subramanian Swamy's allegation against increasing NPA in Public Sector Banks. Swamy warned that a PIL is 'inevitable' against Adani group.
Swamy on Tuesday tweeted, "The biggest NPA trapeze artiste in PSUs is Gautam Adani. It is time he is made accountable or a PIL is inevitable."
Adani Group stated that the company "created world-class assets and aggregate Net Asset Block of Indian operations stands at over Rs.1,10,000 crores. Aggregate Net Worth of the listed entities stands at over Rs.40,000 crores and aggregate Earnings Before Interest, Taxes, Depreciation, and Amortization (EBIDTA) stands at Rs.24,000 crores."
"Given our rating track record, different sources of debt are available to the Group, ranging from international bonds, ECB loans, domestic bonds, loans from the private sector as well as public sector banks in India," Adani Group stated in its press release
As far as dependence on PSUs concerned, the group stated that its dependence on PSUs is is less than 50 per cent at about Rs.34,000 crore.
"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 cr and is regularly serviced."