Adani creates wealth on one hand and debt of 2.25 lakh crore on the other hand is a concern for India

19 November 2020

The main reason for Gautam Adani’s growing business empire is the money f middle class people. In Modi’s 7-year rule, two-three economic powers are concentrated in family-run corporate houses. Adani’s monopoly is increasing. Competition is decreasing. The state funds are getting limited in few hands. Like the US, China and Russia, wealth is shifting in one place. Adani Group’s rapid expansion has raised concerns in India. Like Rockefeller a power is being born.

Adani’s hunger and political reach for new industries and new contracts is building family-based capitalism in India. In the last 20 years after Modi became Chief Minister of Gujarat in 2001, Adani has become the most powerful person in India. Australia energy analyst Tim Buckley said, “Gautam Adani is very powerful.” There is a lot of political outreach. He specializes in the use of force.

As of November 11, 2020, the Adani Group’s total debt has crossed 30 billion (Rs 2.25 lakh crore). 1 billion means 100 crores. These include 7. 7.8 billion bonds and 22 22.3 billion in debt. With 12 per cent debt, the Adani Group ranks among the 10 most serious borrowers in the banking sector. Despite huge debt, the Adani Group is raising money for green energy by taking loans from foreign banks and institutions.

The Adani Group companies exploited the international debt market of over 2 2 billion in bond sales. Adani Gas has sold a 37.4 percent stake in 600 million. International trade groups are to partner with Adani. Earlier this month, Adani announced a strategic partnership with Italian gas and infrastructure group Sanam in hydrogen and biogas.