Tuesday, March 28th, 2023 01:35:02

Adani group got this good news in bad environment

Updated: February 3, 2023 3:58 pm

Harish Salve, the country’s famous senior lawyer and former Solicitor General, has defended Gautam Adani, who is facing a storm. Salve said that no one is happy with the growing dominance of Indian businessmen in the world. There was a time when we begged British businessmen to invest in the country. Now, the British government is pleading with the Indian businessmen. He has also raised questions on Hindenburg publishing research on Adani.

Salve, one of India’s number one lawyers and former Solicitor General of the country, said in a conversation with a private channel that no one is happy with the increasing influence of Indian industrialists in the world. This is also a result of the increasing status of Indian businessmen in the world. He said that the allegations against Gautam Adani are an attack on India and Indians. He said that most of Adani’s properties are bound by the rules and regulations.

Salve said that your revenue can be estimated as you have a regulator to fix the tariff. You may not create immense wealth but you will definitely have a guaranteed income as some infras are such that the company has a monopoly. Some of the company’s investments are in India’s strong units such as the cement sector. He said that most of the Andani Group companies are listed. All his records are among the people. Now to say that you have hidden something in this is all nonsense.

The former Solicitor General said that Indian banks do not give any loan to any company without due diligence. Salve claimed that there is no such company that does not have a balance sheet. He said that if a company is listed and has branches in other countries as well, all that is visible. If Adani owns shares directly or indirectly in a listed company, it needs to be disclosed. Nothing should be hidden here.

Salve has also attacked US-based firm Hindenburg Research. He said that Hindenburg says that it is a shorting firm. This is the way through which people work to make money. The same firm is making these allegations against Adani.

What is more, there is another good news for Adani Group in this atmosphere of animosity against it. Fitch Ratings said the current episode will not have an immediate impact on the ratings of Adani group companies or securities. Fitch expects no major changes to Adani Group’s cash flow forecast.

The rating agency said: There is no major offshore bond maturity in the short term. The bonds of Adani Ports and Special Economic Zone are due to mature in June 2024. At the same time, the bond maturity of Adani Green Energy is in December 2024. Fitch currently has ratings on 8 Adani Group companies.

Posted by Uday India

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