The Adani Group CFO said he was with Gautam Adani in London when the allegations became public and was surprised by it. Asked whether Andhra Pradesh had indeed canceled the power purchase agreement with the group, the CFO said no such incident had taken place.
Adani Group Chief Financial Officer (CFO) Jugshinder Singh said on Friday that the talk of bribing government officials to get contracts is completely wrong. Along with this, Singh said that if a huge amount had been given then he would definitely have known. Speaking to reporters at an event of financial services platform Trust Group, he said, “We know 100 percent that this is not the case. Because if someone gets paid that much cash, I definitely know. Singh said the charges filed in the US against group chairman Gautam Adani, his nephew Sagar Adani and others are a case of abuse of prosecutorial power. He also said that this group was not attacked.
This officer of the company said this
He said that the people named in the charges will answer the case at the appropriate forum. Singh said no bank approached the group for review following the allegations in the US. Everyone is ready to give whatever the group needs to build the infrastructure.
“Basically, our bank partners understand that we don’t need their money,” he said. We don’t need it so it’s available to us. The Group currently has sufficient capacity to repay its debt obligations for 30 months. He said that about three billion dollars of debt is due in the next 12 months. He expressed confidence that most banks will provide financing for repayment of these loans.
Why is the company taking loan from America?
Singh said Adani Group wants to raise as much debt as possible in Indian rupees from local markets, but the lack of long-term finance for long-term infrastructure projects is forcing it to go to the US. However, he said the group is trying to increase the capacity of local markets to support such projects through instruments such as retail issues. He said that Adani Group respects US law and is cooperating in the case.
The group CFO said he was with Gautam Adani in London when the allegations became public and was shocked. Asked whether Andhra Pradesh had indeed canceled the power purchase agreement with the group, the CFO said no such incident had taken place. However, he said he would be happy with such an event as it would help them sell power at a higher price.
