Adani touts financial muscle, says can grow without external debt

In a presentation to investors it highlighted cash balances of Rs 55,024 crore exceeding long-term debt repayments for next 28 months

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Billionaire Gautam Adani's conglomerate on Monday showcased its cash reserves and profits that are enough to service debt obligations as well as meet growth plans as it reassured investors about business as usual despite a US bribery indictment against the founder.

The ports-to-energy conglomerate, whose chairman Adani and two other executives have been indicted in a US court for allegedly bribing Indian officials to secure solar power contracts, in a presentation to investors highlighted cash balances of Rs 55,024 crore exceeding long-term debt repayments for the next 28 months. Equity now accounts for almost two-thirds of its total asset creation, a stark contrast to five years ago. In the past six months, the group invested close to Rs 75,227 crore against a total debt increase of only Rs 16,882 crore.