The ongoing discussion regarding Adani Group & its MoU of $1-billion with SBI is a pure entertainment. First of all, it is not a sanctioned loan. It is a MoU - credit facility of up to $1 billion. Is it absurd? If we consider that Adanis net assets, as of today, is in the tune of $17bn. As if this is the first time any Indian corporate house is getting a loan of this amount from SBI. Kindly check that few years back a consortium led by SBI agreed to lend Rs, 35,000 crore and Rs. 10,000 crore (roughly) to Tata Steel & Hindalco of Aditya Birla Group respectively during UPA regime. Even Jindal Power received a loan of $ 1.7 billion from a SBI led consortium few years back. Media was quite when SBI breached RBIs prudential norm (of 15% upper limit) for RIL for 4 consecutive years during UPA regime. I hope we can ignore the fact that SBI breached RBIs prudential norm for two largest PSUs: IOC ( a loan amount of roughly Rs 24,000 crore) & BHEL (a loan amount of Rs, 13,500 crore). I think the larger problem is - Adanis relation with Modi ... And yes, I admire Adani Group as one of the upcoming corporate houses of India!
Posted on: Thu, 20 Nov 2014 18:03:36 +0000
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