Business & Finance

Adani Group Has Appraoched SBI For Rs.14000 Cr Loan, Says Report

Adani Group
Adani Group to set up a plant for manufacturing PVC from coal in Mundra ,Gujarat. fr which it approached SBI.

Mumbai: Adani Group has approached the SBI for Rs.14000 Crores loan to build its news plant in Gujaratโ€™s Mundra with a plan to manufacture PVC(Polyvinyl Chloride) from coal and the total cost of the whole project is expected to be around Rs 19,000 crore, as per a report by Mint.

The demand for the PVC plant comes after Adani Group secured a loan worth Rs 6,071 crore on June 26 for a new copper refinery in Mundra. It was secured by one of the groupโ€™s subsidiaries, Kutch Copper Limited.

In March, SBIโ€™s Gautam Adani-led group also secured a loan of Rs 12,770 crore for a greenfield international airport project in Navi Mumbai. The loan was issued by Navi Mumbai International Airport Pvt Ltd (NMIAL), another subsidiary of the group.

Also Read: Get Ready For Ambani Vs Adani As 5G Spectrum Auction Begins Tomorrow

The loan was then guaranteed by SBI and sold to other lenders. Similarly, the bank is also planning to come up with a plan to secure the PVC plant loan in the future and keep only Rs 5,000 crore out of the total loan amount. Other lenders will also review the loan proposal to see if they could take on some exposure.

The facility is said to be part of Adani Groupโ€™s plans to develop a petrochemical cluster in Mundra with a production capacity of 2,000 kilotonnes per year (KTPA) and manufacture products such as emulsion PVC, suspension PVC and chlorinated PVC.

The company had indicated in its 2021-22 annual report that a total capacity of 2 million tonnes of PVC will be gradually developed at Mundra. The 2,000 KTPA project will be completed in the first phase and is expected to be operational by 2024.

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Sushil Modi fires fresh corruption salvo at Tejashwi Yadav

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Patna | Bihar Deputy Chief Minister Sushil Kumar Modi today fired a fresh corruption salvo at RJD leader Tejashwi Yadav alleging him of serving as the โ€œhandling and storage agentโ€ of a leading steel company in the country.

Addressing a press conference here, Sushil also alleged that Yadav did not declare this information in his affidavit before the Election Commission when he made his electoral debut in the Bihar assembly polls of 2015 and accused him of evading taxes on the earnings made in aforementioned capacity.

Rankled by the fresh attack, the RJD heir apparent came out with a number of tweets calling the Deputy Chief Minister โ€œa master of rumoursโ€ and challenged him to get all the allegations investigated.

โ€œTejashwi Yadav has been doing business worth millions as the handling and storage agent of Jindal Steel and Power Limited. He was appointed as the companyโ€™s handling and storage agent at Patna on September 28, 2012โ€, the senior BJP leader โ€“ who holds the finance portfolio โ€“ said while distributing copies of the Stockyard Agreement purportedly with signatures of the RJD heir apparent.

โ€œThe question is, why did he conceal this information so far. Why did he not disclose the property he has acquired for the purpose and the income that he may have earned through this business in his declaration of assets before the Election Commissionโ€, the Deputy CM said?

โ€œIn his VAT returns, Tejashwi Yadav has always been showing his turn-over as zero. He should explain how is it possible when his earnings by the enterprise itself were likely to have fetched him croresโ€, Sushil, who has come up with many allegations of financial wrongdoings against the family, often with documents to buttress his claim, said.

โ€œWe will write to the Election Commission as well as the Income Tax department, drawing their attention towards the irregularitiesโ€, he added.

Yadav reacted to the allegations with the tweet โ€œyou are the king of falsehood. You have been alleging that we were getting a mall constructed at the cost of Rs 750 crore. Now even Enforcement Directorate and the IT Department are putting the value of the said mall at no more than Rs 45 crore. Why do you not get investigations ordered instead of distracting people with bare allegationsโ€.

In a couple of subsequent tweets, the 28-year-old RJD leader made oblique references to the alleged involvement of close relatives of the Deputy CM in the multi-crore Srijan scam and called him an โ€œincompetent spokesman for Chief Minister Nitish Kumarโ€ and added โ€œyou would be able to cause no harm to Tejashwi, who may be young but has integrityโ€.

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