Adani Group He didn’t pay anyone money to get contracts. This information was provided on Friday by Jugeshinder Singh, Chief Financial Officer (CFO) of Adani Group. He said the idea of bribing government officials to get contracts is completely wrong. Adding to this, Singh said that if a huge amount had been paid, he would definitely have known about it. We are 100 percent aware that there is no such case, he stated at an event by the financial services platform Trust Group. Because if you’re paying someone that much cash, they would definitely know.
This is not an attack on the group.
Singh said the charges filed in the United States against the group’s president Gautam Adani and his nephew Sagar Adani, among others, were a case of “exclusive use of prosecutorial power.” He also said this is not an attack on the group. He said that the people named in the accusations will respond to the matter in the appropriate forum. Singh said that after these allegations made in the United States, no bank has approached the group for review. Everyone is willing to give whatever the group needs to build the infrastructure.
The group does not lack money
He said that, fundamentally, our banking partners understand that we don’t need their money. We don’t need it, so it’s at our disposal.” Currently, the group has sufficient capacity to pay its debt obligations for 30 months. According to him, in the next 12 months a debt of about $3 billion will have to be paid. He expressed confidence that most banks will finance the repayment of this loan. Singh said Adani Group wants to raise as much Indian rupee debt as possible from domestic markets, but a lack of long-term financing for long-term infrastructure projects is forcing it to go to the United States. However, he said the group is trying to improve the ability of domestic markets to support such projects through instruments such as retail issuances.
Respect for American laws.
He said Adani Group respects US laws and is cooperating in the case. The group’s chief financial officer said he was with Gautam Adani in London when the allegations became public and that he was surprised. When asked if Andhra Pradesh had effectively canceled the power purchase agreement with the group, the CFO said no such thing had happened. However, he said they would be happy with such an incident as it would allow them to sell electricity at a higher price.
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