Gautam Adani-led multinational company Adani Group, in response to BJP leader Subramanian Swamy's "trapeze artiste" comments, issued a statement claiming that the company's total dependence on PSU banks is less than 50 per cent of its total assets. "Group's dependence on PSU banks for long-term borrowings is less than 50 per cent at about Rs 34,000 crore and is regularly serviced... Aggregate net asset block of Indian operations stands at over Rs 1,10,000 crore. Aggregate net worth of the listed entities stands at over Rs 40,000 crore and aggregate EBIDTA stands at Rs 24,000 crore".
The statement also drew attention to Adani Group's contribution to the Indian economy for the last two decades.
"Over last 20 years, Adani Group has created world-class projects in the areas of port and logistics, power generation, power transmission, agri business, mining and renewable generation. In each of these segments, Adani Group has emerged to be the largest private sector player in India. As a group, we are proud to be engaged in nation building by creating critical infrastructure across various segments; providing direct employment to over 11,000 people and contributing significantly to the exchequer and the economy," it concluded.
Earlier on Tuesday, Subramanian Swamy had tweeted terming Adani as the "biggest non-performing asset (NPA) trapeze artiste in public sector undertakings (PSUs)". "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 (crore) in NPA. This will be clear only after investigation. That's why I raised this question," Swamy later said.
The statement by the Adani Group went on to add that the group has been rated 'investment grade' by international credit rating agencies. "Our operating performance is such that the transmission and port businesses have been rated 'investment grade' by international credit rating agencies. Also, 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 said.
The singular critical test for debt is its regular servicing, something which the Adani Group has implemented diligently since its inception, the notification claimed.