New Delhi, Mar 7: The Adani Group on Wednesday responded to the allegations made by Bharatiya Janata Party (BJP) leader Subramanian Swamy saying they have created world class assets and that their dependence on PSUs for long-term borrowings is less than 50 per cent. This came after Swamy called Gautam Adani “the biggest NPA trapeze artiste.” The Adani Group in its statement has 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,” the statement added.
“Adani Group has created world class assets & 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 EBIDTA stands at Rs 24,000 crores,” the group stated.
Swamy had in a tweet said that 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.
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.”