ADANI GROUP (GAUTAM ADANI)
The next one in the line is the Adani Group-owned by Mr. Gautam Adani who owes banks Rs. 96,031 crore which was standing at Rs. 72,000 crores in the previous year. According to the sources, the Adani has been forced to sell its stakes in the Abbot Coal Mines, Ports and Rail Projects to cover up the debts. Last year, Standard Chartered bank had recalled loans amounting to $2.5 billion as part of its global policy of reducing exposure in emerging markets. Global lenders have backed out from funding the $10-billion coal mine development project. State Bank of India has also declined to offer a loan despite signing a MoU to fund the group with $1 billion. An Adani spokesperson declined to offer any comments on the issue. — NEXT PAGE —-
