What a platform for common understanding in front of Adani Green’s ideas!

Should the Government of India, public sector banks and tax payers give to the same company which is constantly cheating consumers by charging exorbitant rates for electricity? This question is shared by ES Sarmoy, former Energy Secretary of the Government of India and former Energy Advisor of the Planning Commission. The Indian government’s official line on bribery and inflated rates is calling it a ‘conflict’ between US regulators and the Adani Group. Sarmay expressed his opinion on it.

You said that you stand by the allegation that the Government of India, the Ministry of Finance and the Adani Group are conspiring to supply electricity to Indian consumers. They say the Indian government was in on the scam and there is nothing for Indian banks and taxpayers for causing the Adani Group ‘refinancing crisis’. In payment of some of his debts. The group is due to pay around Rs 10,000 crore by March 2025 and a major portion of this is due to Adani Green, which is run by the US.

The group’s crisis was clouded by a US court ruling in November to see Gautam Ada and Nephew and Aap in a fraud case and also affected its ability to garner votes from the international market. . Following the case, Fitch Ratings said it would change the outlook for the group’s port unit to ‘speculative’, while Moody’s revised the outlook for Adani Group’s seven candidates to negative. . French energy major Total Energy, which holds an equal stake in Adani Total Gas and a 19.8 percent stake in Adani Green Energy, has decided not to make any new investments in the group until the embarrassing situation of the Adani Group is clear. Don’t do it

Among the Adani Group’s output, Adani Green Energy lost the most in favor of market capitalization, followed by Adani Enterprises and Adani Ports & SEZ at no. Where the market capitalization of the group company has grown by Rs 81 thousand 440 crore in 4 sessions. Meanwhile, the capitalization of Adani Enterprise and Adani Ports are down by Rs 77,445 crore and Rs 34,735 crore respectively in the same period.

In a letter to Union Finance Minister Nirmala Sitharaman on October 24, two weeks after the chargesheet was unsealed in a New York court, it said, “I am afraid that the Finance Ministry, as usual, will do nothing to get the Adani Group out of trouble.” Loans to Banks to Facilitate ‘Re-benefit’ to U Par Group I would like to excuse both the Finance Ministry not to proceed in this direction, this bank block in rural and country on depositors and tax payers money. Going forward, they are already at risk of Rs 88,000 crore in debt (payments) of Rs 10 crore as of March 31, 2024 (Adani Group’s total 2.41).

Addressing Finance to the Prime Minister on December 12, another said, “The American rationale is that the Ad Group may now have difficulty borrowing from outside capital.” In this regard, I would like to mention news reports that Adani Group has started talks with a group of investors and banks to refinance the $1.1 billion debt of Adani Green Energy Limited (AGEL). The (…) loans are due to be repaid by March 2025 (…) have approached investors and lenders in West Asia, Europe and Japan for group loan finance other than family financial institutions?

In his letter, he said, “PSU banks need to focus on priority sectors like agriculture, rural development and small and medium enterprises. I hope that both the Finance Ministry and the RI will exercise more caution in favor of the Adani group, further writing that instead of an independent judicial review of the issues related to the sale of Adani Solar, the government has already given something. He is keeping his toes in his defense and is probably doing so at the behest of the group and is being done because of efforts to lift the group out of crisis. If so, it is sad and against public opinion.

The Adani Group has claimed that its balance sheet is strong and that its debt for each year from 2033-34 is less than its cash flow for it till September 2024. It shows that you can meet your debt through group cash generation.” The group claimed that it had cash reserves of Rs 39,000 crore in September 2024, compared to Rs 22,300 crore in March 2023. was Its profitability changed to net debt and EBID (earnings before interest, tax, depreciation and amortization) ratio (2.7 in September 2024 vs 4.4 in March 2023), it showed.

About 41 percent of Adani Group’s total debt was raised from domestic equity, while the remaining 59 percent came from international financing. Adani Power and Adani Total Gas both took on their entire debt, while Ambuja Cement was mainly acquired internationally. According to CNBC-V’s 18 reviews, 45 percent of Adani Green’s debt through FY24 came from domestic ownership, while the remaining 55 percent came from international licenses. 61 percent of Adani Enterprises’ debt came from buyer sales. Adani Ports raised 20 per cent of its debt from domestic debt, while Adani Energy Solutions raised 25 per cent from domestic lending.

Sarmay also revealed how Adani Green has come up with a plan to charge Indian consumers more for solar energy and revealed how the ministry has issued a power order. It is expensive for you to provide 10-15% of your energy needs with renewable energy. Sarma believes that his aim is to like Adani Green. You also accused Adani Green of deliberately entering into a long-term contract with the public sector SCI (Solar Energy Corporation) India for a rate of 25 per cent, while knowing that SECI had supplied electricity. are and their bottom with time.

His letters stated that solar energy technology is expanding rapidly and work is being done every year to generate solar energy. Because there is no reason for ESI and GoI to enter into a long-term contract with Adani Green for a long period of 25 years for fixed rate increases. He said that there is a conspiracy to give money to the corporate unit at the cost of Indian consumers. They question why SI agreed to power at a higher rate than Adani Green. Both the Central Government and the Adani Group are not active when SII agrees to supply power to the State Electricity Supply (Discom) at advanced rates. Where Adani Group has offered to pay a bribe of Rs 2100 crore, it has been said in the US on the basis of retaliation, and collusion to empower the Ministry of Renewable Energy S and ECI Govt. .

“Sebi should have done what the US Securities Exchange Commission (SEC) has done,” says Sarmai; What the FBI found during about 2 checks, the subsequent check should have been done by the CBI here; It should be easy for SEBI and CB to get details of their projects in the US, ie the SEC and the FBI, but so far there is no indication that any effort is being made in that direction.