Adani Group Did not pay money to anyone to get contracts. This information was given by Jugeshinder Singh, Chief Financial Officer (CFO) of Adani Group on Friday. He said that the idea of bribing government officials to get contracts is completely wrong. Along with this, Singh said that if any huge amount was paid, he would definitely have known about it. We are 100 percent aware that there is no such case, he said at an event of financial services platform Trust Group. Because if you are paying someone that much cash, I would definitely know.
This is not an attack on the group
Singh said the charges filed in the US against group chairman Gautam Adani and his nephew Sagar Adani, including others, were a case of 'unique use of prosecutorial power'. He also said that this is not an attack on the group. He said that the persons named in the allegations will respond to the matter at the appropriate forum. Singh said that after these allegations made in America, no bank has approached the group for review. Everyone is willing to give whatever the group needs to build the infrastructure.
The group has no shortage of money
He said, fundamentally, our bank partners understand that we do not need their money. We don't need it so it is available to us.'' At present, the group has enough capacity to repay its debt obligations for 30 months. He said that about three billion dollars of debt has to be repaid in the next 12 months. He expressed confidence that most banks will finance this loan repayment. Singh said Adani Group wishes to raise as much debt as possible in Indian rupees from domestic markets, but 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 enhance the capacity of domestic markets to support such projects through instruments such as retail issues.
Respect for American laws
He said Adani Group respects US laws and is cooperating in the case. The group CFO said he was with Gautam Adani in London when the allegations became public and he was surprised by it. Asked whether Andhra Pradesh had indeed canceled the power purchase agreement with the group, the CFO said no such thing had happened. However, he said that they would be happy with such an incident as it would enable them to sell electricity at a higher price.
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