‘Not a single NPA in three decades’: Adani Group rebuts allegations of not paying bank loans

By: |
January 16, 2021 9:12 PM

Adani Group on Saturday rebutted allegations of not paying bank loans saying it maintains an impeccable record of not a single NPA in three decades of its existence

adani Adani on Saturday called the number quoted in the tweet as "incorrect and fictitious number."

Adani Group on Saturday 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 Friday 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.

Adani on Saturday called the number quoted in the tweet as “incorrect and fictitious number.”

“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.”

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1South Indian Bank gets board nod to raise Rs 204 cr
2RBI imposes Rs 2 crore fine on Bank of Maharashtra
3Current inflation target band appropriate for next 5 years: RBI report