The Adani Group, one of India’s largest conglomerates, has recently come under fire for its debt repayment practices. However, the company’s Chief Financial Officer (CFO) has come out to defend the company’s record, slamming reports that have been “misleading”.
The Adani Group has been accused of not paying its debtors on time, with some reports claiming that the company has defaulted on payments to the tune of Rs. 10,000 crore. However, the CFO of the company, Rajesh Adani, has denied these claims, stating that the company has been “regularly servicing its debt obligations”.
Adani further stated that the company has been “meeting all its obligations” and that the reports of defaulting on payments are “misleading”. He also pointed out that the company has been “consistently reducing its debt” and that it has “successfully refinanced its debt”.
The Adani Group has been in the news recently for its involvement in the controversial Carmichael coal mine project in Australia. The project has been met with strong opposition from environmental activists, who have raised concerns about the potential environmental damage that the project could cause.
Despite the controversy, the Adani Group has continued to move forward with the project, and has recently secured a $1 billion loan from the Australian government to help finance the project. The loan has been met with criticism from environmental activists, who have accused the government of subsidizing a “dirty” project.
The Adani Group has also been in the news for its involvement in the Gujarat International Finance Tec-City (GIFT) project. The project is a joint venture between the Adani Group and the Gujarat government, and is aimed at creating a world-class financial hub in Gujarat.
The Adani Group has been a major player in the Indian economy for many years, and its involvement in projects such as the Carmichael coal mine and the GIFT project have only increased its profile. Despite the controversy surrounding the company, its CFO has come out to defend its record, and has stated that the reports of defaulting on payments are “misleading”.