Gautam Adani: Gautam Adani, the world’s fourth richest and chairman of the Adani Group, has sought a loan of Rs 14,000 crore from the country’s largest state-run bank SBI (State Bank of India). Adani Group plans to set up a PVC plant in Mundra, Gujarat. To finance this project, the Adani Group has sought a loan from SBI.
Adani Group’s loan agreement
According to media reports, an initial investment of Rs 19,000 crore is required in the project. The Adani group is planning to raise money for the project through debt and equity. The project is being taken forward through Adani Enterprises, the holding company of the Adani Group. Earlier in March, Navi Mumbai International Airport, a company of Adani Enterprises, had raised Rs 12,770 crore from banks. Recently, the company has raised Rs 6,071 crore for its greenfield copper refinery project at Mundra. Negotiations are currently going on with SBI on loan for PVC project.
Adani Group’s outstanding debt
Adani Group has a huge debt outstanding of banks. In the financial year 2021-22, the debt on the Adani Group has increased and has increased by 40.5 percent to reach Rs 2.21 lakh crore. Whereas in the last financial year 2020-21 it was Rs 1.57 lakh crore. In the financial year 2021-22, the debt of Adani Enterprises has increased by 155. The debt of the company has increased to Rs 41,024 crore. Adani Power and Adani Wilmar’s debt has come down. The outstanding debt on Adani Power has come down by 6.9 per cent to Rs 48,796 crore in 2021-22, while that of Adani Wilmar has declined by 12.9 per cent to Rs 2568 crore.