Adani refutes Swamy’s tweet allegations, claims “impeccable” credit record

MUMBAI: The Adani Group Sunday refuted allegations levelled by BJP politician Subramanian Swamy that it owes Rs 4.5 lakh crore as NPA to banks and claimed it has maintained an “impeccable record of not a single NPA in the three decades of its existence”.

“The Adani Group strongly objects to a factually incorrect tweet posted by Mr Subramanian Swamy...” said the group with interests in coal, infrastructure, electrical supply and airports in a tweet from its official Twitter handle.

“The tweet quotes and incorrect and fictitious number” it said. It added that its net debt to Ebitda ratio is less than 4 and claimed that all its businesses “enjoy high credit rating from domestic and international rating agencies”

In his tweet on Jan 15, Swamy said “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? May be like with the six airports he has bought he might soon buy out all the banks he owes money,”

Adani has won the bid to privatise six Indian airports including Ahmedabad, Lucknow, Mangaluru, Trivandrum, Jaipur and Guwahati.