Adani Group says dependence on PSU banks for long-term loans is less than 50%
In a statement, the Gautam Adani-led company said that its credibility is reflected by the 'healthy ratings' from credit agencies. However, the Adani Transmission stock fell 6.39% or 12 points to 182.45 level on BSE.
- Mar 7, 2018,
- Updated Mar 13, 2018 4:00 PM IST
Responding to BJP MP Subramanian Swamy's charge, the Adani Group said it is "committed towards nation building and the creation of world-class infrastructure assets." In a statement, the Gautam Adani-led company said that its credibility is reflected by the 'healthy ratings' from credit agencies. However, the Adani Transmission stock fell 6.39% or 12 points to 182.45 level on BSE.
BJP MP Subramanian Swamy had on Tuesday called business magnate Gautam Adani the "biggest NPA (Non-Performing Asset) trapeze artiste in PSUs". Known for his blunt talk, Swamy said, "It is time he is made accountable or a PIL is inevitable."
A spokesperson of the Adani Group said, "Group's dependence on PSU bank for long-term borrowings is less than 50% at about Rs 34,000 crores and is regularly serviced."
"Our operating performance is such that the Transmission and Port businesses have been rated 'investment grade' by international credit rating agencies...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 statement added.
According to Bloomberg Billionaires Index, the majority of Gautam Adani's fortune is derived from his 63 per cent stake in Adani Ports & Special Economic Zone, which was spun off in 2015 from Adani Enterprises, the flagship company of Adani Group.
The Adani Group founder owns about 75 per cent of Adani Enterprises, 69 per cent of Adani Power and 75 per cent of Adani Transmissions.
Swamy had said the government should call for a status report on different cases involving his companies and listed NPAs, and controversies over coal import and his business in Australia among these matters.
Responding to BJP MP Subramanian Swamy's charge, the Adani Group said it is "committed towards nation building and the creation of world-class infrastructure assets." In a statement, the Gautam Adani-led company said that its credibility is reflected by the 'healthy ratings' from credit agencies. However, the Adani Transmission stock fell 6.39% or 12 points to 182.45 level on BSE.
BJP MP Subramanian Swamy had on Tuesday called business magnate Gautam Adani the "biggest NPA (Non-Performing Asset) trapeze artiste in PSUs". Known for his blunt talk, Swamy said, "It is time he is made accountable or a PIL is inevitable."
A spokesperson of the Adani Group said, "Group's dependence on PSU bank for long-term borrowings is less than 50% at about Rs 34,000 crores and is regularly serviced."
"Our operating performance is such that the Transmission and Port businesses have been rated 'investment grade' by international credit rating agencies...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 statement added.
According to Bloomberg Billionaires Index, the majority of Gautam Adani's fortune is derived from his 63 per cent stake in Adani Ports & Special Economic Zone, which was spun off in 2015 from Adani Enterprises, the flagship company of Adani Group.
The Adani Group founder owns about 75 per cent of Adani Enterprises, 69 per cent of Adani Power and 75 per cent of Adani Transmissions.
Swamy had said the government should call for a status report on different cases involving his companies and listed NPAs, and controversies over coal import and his business in Australia among these matters.