Adani group gets time to pay loans

The Adani group has got another 12 to 18 months to repay the bank loans it had taken to buy ACC and Ambuja Cements. In August and September last year, the company raised $5.25 billion  from 14 global banks. The deal to buy stake of these two companies from Holcim was for $6.5 billion. According to the agreement, out of this, the loan of about $4 billion was to be repaid in two years. The deadline for repayment was 2024. But according a recent report, now these loans have to be repaid by 2025-26.  Rest of the loans are in the form of bridge loans and other forms.

Refuses to give information of owners

There is also a news related to Adani group that many foreign funds investing in the group have refused to give information of their beneficial owners. Companies associated with the Funds say it is against the privacy of customers and foreign privacy law. According to recent news, Adani is also included in the 14 companies bidding to buy Gujarat’s power company Bhadreshwar Vidyut.

Mixed results

This week the results of many Adani group companies are out. March quarter results for the group have been mixed. Group company Adani Wilmar has got a consolidated net profit of Rs 93.6 crore in the March quarter. There has been a huge decline of 60 per cent in this compared to the same quarter of the previous financial year. In the March quarter last year, the company had a huge profit of Rs 234.29 crore.

On the other hand, the March quarter net profit of Adani Total Gas has increased by 21%. During this, the company earned a total net profit of Rs 97.91 crore. There has been a jump of 319% in the net profit of Adani Green Energy. Adani Green Energy has bagged a total net profit of Rs 507 crore in the March quarter.

There has been a huge decline of 97.5% in the March quarter results of Adani Group’s media company New Delhi Television Limited (NDTV). During this period the company has made a profit of only Rs 59 lakh.

Ambuja Cements, another company associated with Adani Group, has registered a marginal increase of 1.6% in March quarter profit. During this, the company has made a profit of Rs 502 crore. The quarterly result of ACC Ltd, another cement company belonging to the group, came last week. During the March quarter, the consolidated net profit of ACC Ltd declined by about 41 percent. During this period the company has earned a total net profit of Rs 235.66 crore.