BJP MP Subramanian Swamy on Tuesday dropped a bad loan bombshell on industrialist Gautam Adani, calling him the "biggest NPA trapeze artiste in PSUs", but the group clarified that it had diligently and regularly serviced all its debt, IANS report suggested. CLICK HERE TO READ FULL REPORT
In response to Subramanian Swamy’s comment, Adani Group clarified that it’s operating performance is such that the transmission and port businesses have been rated ‘investment grade' by international credit rating agencies.
Also, almost all of our companies enjoy a high credit rating from domestic rating agencies. This is a testimony to the extremely high discipline followed by the Group, in meeting with its debt obligations-diligently and on an on-going basis.
The singular critical test for debt is its regular servicing-something which the Adani Group has implemented diligently, since its inception.
Group’s dependence on public sector undertaking (PSU) bank for long-term borrowings is less than 50% at about Rs 340 billion and is regularly serviced. Adani Group has created world class assets and aggregate net asset block of Indian operations stands at over Rs 1,100 billion. Aggregate net worth of the listed entities stands at over Rs 400 billion and aggregate EBIDTA (earnings before interest, tax, depreciation and amortised expenses) stands at Rs 240 billion, the company said in a statement.
At 10:16 am; except Adani Transmission (down 5% at Rs 185), the remaining three Group stocks erases their partial early morning losses and trading lower by less than 2% on the BSE. On comparison, the S&P BSE Sensex was down 0.07% at 33,293 points.