Adani Group on Saturday issued a rebuttal on allegations of not paying bank loans saying it maintains an impeccable record of not having a single NPA in three decades of its existence.
On Friday, BJP MP Subramanian Swamy took to Twitter Twitter to allege that Adani has not paid loans worth Rs 4.5 lakhs crore, which has allegedly turned into an NPA. Calling Gautam Adani – the chairman of Adani group, as a ‘Trapeze artist’, Swamy had claimed that his wealth was doubling every year two years since 2016, however, the industrialist did not repay the banks.
The Rajya Sabha MP also took a jibe at Adani that he would buy out all the banks that he owed like the six airports he has ‘bought’.
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? May be like with the six airports he has bought he might soon buy out all the banks he owes money.— Subramanian Swamy (@Swamy39) January 15, 2021
In 2019, Adani Group won the bid to operate six major airports in India.
Following the allegations made by Subramanian Swamy, Adani has put out a statement clarifying that it does not have any NPA in the three decades of its existence.
Adani group’s response to Swamy’s allegation
In a statement on Twitter, the Ahmedabad-based 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.
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.
The Adani Group in its statement 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 rating quality and almost all of our businesses enjoy a high credit rating from international and domestic rating agencies.”