Adani Group Rebuts Subramanian Swamy's Allegations; Says No Loan To It Has Ever Turned Into NPA

Adani Group Rebuts Subramanian Swamy's Allegations; Says No Loan To It Has Ever Turned Into NPAGautam Adani, chairman of Adani Group (Abhijit Bhatlekar/Mint via Getty Images)

Gautam Adani led Adani Group yesterday (16 January) shot back against Dr Subramanian Swamy's allegations of the Group not paying back massive quantum of loans and pressed that in the three decades of its existence, the Group has maintained an impeccable record of not a single non-performing asset (NPA), reports Economic Times.

In a statement, the Group asserted that it has built stellar infrastructure assets by adopting prudent corporate governance and capital management processes which have consistently enhanced its credit quality.

The Group also asserted that its net debt to EBITDA ratio stands at less than four which demonstrates high credit rating quality and highlighted that almost all of its businesses enjoy a high credit rating from international and domestic rating agencies.

The rebuttal by the Adani Group comes after Dr Swamy had tweeted, "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."