Adani Group rebuts allegations, says no loan to it turned NPA

NEW DELHI: Adani Group on Saturday rebutted allegations of not paying bank loans saying it maintains an impeccable record of not a single NPA in three decades of its existence. In a statement on Twitter, the ports-to-energy 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.

Swamy had on Friday tweeted on dues of Adani.

"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," he had said in a Twitter post.

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. "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 ratings quality and almost all of our businesses enjoy a high credit rating from international and domestic rating agencies."