After Nirav Modi, the skeletons from the cupboards of Gautam Adani, the pet capitalist of Narendra Modi or vice versa, are set to tumble out.
From the Economic Times
BJP MP Subramanian Swamy on Tuesday dropped a bad loan bombshell on industrialist Gautam Adani, calling him the “biggest NPA trapeze artiste in PSUs”, but the group clarified that it had diligently and regularly serviced all its debt.
Adani Group said the group’s dependence on public sector banks for long-term borrowings is less than 50 per cent at about Rs 34,000 crore and it is regularly serviced.
“Adani Group has created world class assets and aggregate net asset block of Indian operations stands at over Rs 110,000 crore. Aggregate net worth of the listed entities stands at over Rs 40,000 crore and aggregate EBITDA (earnings before interest, taxes, depreciation and amortisation) stands at Rs 24,000 crore,” the company statement said
But, according to Bloomberg data, as of September 2017, Adani Power had a total debt of Rs 47,609.43 crore, Adani Transmission Rs 8,356.07 crore, Adani Enterprises Rs 22,424.44 crore.
When Adani travelled to Australia to acquire a coal mine in Queensland accompanied by Narendra Modi and State Bank of India chairman, the Australian ABC television did a documentary on Gautam Adani’s businesss operations in India. The investigations found what can be found if you dig deep into any Indian business man, especially into someone like Adani, close to the Chief Minister of the state and Prime Minister of India.
Watch ABC’s Four Corners video
Also watch what happened to paranjoy guha thakurta who was investigating Adani Group duty drawback scam.
Highlights from the Video : Digging into Adani: The dubious dealings of India’s corporate colossus.
“Why would the crime branch want to see us?” Stephen Long, reporter
When Four Corners travelled to India to investigate the activities of the giant Adani group, they soon discovered the power of the company. While attempting to film and gather information about Adani’s operations, the Four Corners team had their cameras shut down, their footage deleted and were questioned for hours by police. The team were left in no doubt that their investigations into the Indian company triggered the police action.
For months, Four Corners has been digging into the business practices of the Adani Group. This is the corporate colossus that plans to build Australia’s biggest mine site. “I do know about Adani and that means thousands of jobs for regional Queenslanders …” Annastacia Palaszczuk, Qld Premier. The polarising debate around the proposed mine site in Queensland’s Galilee Basin is often pitted as a simplistic jobs versus greenies argument.
But there are influential figures in India who warn that Australians need to know much more about the Adani Group. “You know, the Australian politicians are obviously not properly briefed by their offices.” Former senior energy official
“The report found not accidental violations, the report found deliberate violations, wilful violations.” Former Government Minister.
The program analyses the Adani Group’s opaque financial operations and investigates the ramifications for their Australian operations. “What this tells you is that here is a business group that will not stop at anything to maximise its profits.” Economist
This investigation examines whether, in the rush to secure jobs and shore up the mining industry, Australian politicians have failed to properly scrutinise the company that’s now hoping to receive a taxpayer funded loan of up to $1 billion for its project.
“I think the Australian Government ought to do environmental due diligence, which it seems not to have done. It certainly has to do financial due diligence. Both due diligences are required, both for the financial side and from the environmental side.” Indian politician
Courtesy : http://www.abc.net.au