Adani Group on 16 January rebutted allegations of not paying bank loans saying it maintains an impeccable record of not a single NPA in three decades of its existence.
In a statement on Twitter, the ports-to-energy conglomerate said it has built stellar infrastructure assets in the nation adopting prudent corporate governance and capital management processes that have consistently enhanced credit quality.
“The group maintains an impeccable record of not a single NPA in the three decades of its existence,” it said responding to a tweet by BJP MP Subramanian Swamy. Swamy had on 15 January tweeted on dues of Adani.
“Trapeze Artist Adani now owes Rs 4.5 lakh crores as NPA to banks. Correct me if I am wrong. Yet his wealth is doubling every two years since 2016. Why can’t he repay the banks? Maybe like with the six airports he has bought he might soon buy out all the banks he owes money,” he had said in a Twitter post.
“The Adani Group strongly objects to a factually incorrect tweet posted by Subramanian Swamy, Hon’ble Member of Parliament in Rajya Sabha on 15 January 2021. Firstly, The group maintains an impeccable record of not a single NPA in the three decades of its existence,” the congllomerate said in its tweet.
“Aligned to our core philosophy of nation-building, the Adani Group has built stellar infrastructure assets mitigating critical demand gaps in India,” it said. “Given our prudent corporate governance framework and capital management processes, our credit quality has consistently enhanced and the net debt to EBITDA ratio is less than 4, which demonstrates high credit ratings quality and almost all of our businesses enjoy a high credit rating from international and domestic rating agencies.”
The Adani Group has made the largest investment by an Indian company in Australia at the controversial Carmichael coal mine in the Galilee Basin, Queensland, but development of this mine is as of 2020 the subject of a court challenge to the Australian Government over its lack of adherence to environmental legislation.