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.
In a widely commented and shared tweet, Swamy said Adani, believed to be close to Prime Minister Narendra Modi, should be made accountable or he would file a Public Interest Litigation in the court for recovery of bank loans from him.
"The biggest NPA trapeze artiste in PSUs is Gautam Adani. It is time he is made accountable or a PIL is inevitable," Swamy tweeted."
The biggest NPA trapeze artiste in PSUs is Gautam Adani. It is time he is made accountable or a PIL is inevitableâ€” Subramanian Swamy (@Swamy39) March 6, 2018
"The singular critical test for debt is its regular servicing -- something which the Adani Group has implemented diligently, since its inception," the company clarified in an official statement.
It 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.
Over the 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.
The company statement said it provides direct employment to over 11,000 people and contributes "significantly to the exchequer and the economy".
However, 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 and Adani Ports Rs 20.791.15 crore.
The ports tycoon and his family's net worth was believed to be $11 billion in 2017 -- making him the 10th richest man in India, according to Forbes.