Adani Group has capital expenditure plans CRISIL, Despite key officials of the Indian conglomerate being charged with fraud in the United States, CRISIL Ratings stated on Friday that the Adani Group has adequate liquidity and operating cash flow for debt obligations and capital expenditures over the medium term. Adani Group has capital expenditure plans CRISIL, 24 group companies’ ratings are under “continuous surveillance,” according to an agency regarding a conglomerate that is being sued in the US.
Adani Group has capital expenditure plans CRISIL, The US Department of Justice and the US Securities and Exchange Commission (SEC) filed a civil case against Gautam Adani, Sagar Adani, and Vneet Jaain, three important employees of Adani Green Energy Ltd (AGEL), which was followed by the Indian rating agency’s announcement. The Eastern District of New York district court received the suit.
Adani Group has capital expenditure plans CRISIL, The charges are related to claims of wire fraud, securities fraud, and SEC rules violations that allegedly resulted in materially false and misleading statements about AGEL’s anti-corruption and anti-bribery practices in its bond offering materials.
Adani Group has capital expenditure plans CRISIL,
In a statement, Adani Group has capital expenditure plans CRISIL, Ratings said it had taken note of these developments and their probable effects on the Adani Group’s financial situation, including a decline in the listed firms’ market capitalization. Additionally, it has noted changes in bond yields and the cancellation of AGEL’s $600 million bond offering.
Adani Group has capital expenditure plans CRISIL, According to comments from management and a few chosen lenders, CRISIL Ratings is aware that these developments have not yet caused lenders or investors to take any unfavorable steps, such speeding up debt repayment or resetting spreads. Adani Group has capital expenditure plans CRISIL, Additionally, we are aware that the Adani Group can cut back on some discretionary capital expenditures (capex) in response to changes in the financial markets and the availability of money in the future,” the statement read.
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Adani Group has capital expenditure plans CRISIL, With a net debt to ebitda ratio of 2.19 times, the Adani Group recorded a respectable ebitda (earnings before interest, taxes, depreciation, and amortization) of Rs 82,917 crore for the fiscal year 2024. Adani Group has capital expenditure plans CRISIL, It further stated that the charges against the group are sub judice and that the cash balance as of September 2024 was over Rs 53,000 crore across eight listed operating entities, against long-term debt maturities of [about] Rs 27,500 crore and go-to market/construction facility of Rs 8,919 crore during October-March fiscal 2025 and Rs 2,137 crore during fiscal 2026.
Adani Group has capital expenditure plans CRISIL, Twenty-four of the group’s entities, including Adani Airports Holdings Ltd, Adani Power Ltd, Mumbai International Airport Ltd, Adani Power Ltd, Ambuja Cements Ltd, and ACC Ltd, have ratings from the rating agency. Adani Group has capital expenditure plans CRISIL, “All our outstanding ratings are under continuous surveillance,” it read.
With 20434 MW of ongoing projects, Adani Green Energy Limited is one of India’s biggest renewable energy companies. Mr. Gautam Adani, a visionary industrialist, founded the Adani Group in 1988 as a commodity trading corporation, with Adani Enterprises Limited (formerly Adani Exports Limited) serving as its flagship. The largest and fastest-growing portfolio of diverse companies in India is owned by the Adani Group, which has its headquarters in Ahmedabad. Its interests include power generation, transmission, and distribution, as well as logistics (seaports, airports, shipping, and rail). Management of Integrated Resources Sustainable Energy Infrastructure & Gas Commodities, edible oil, food, etc.
