Adani Ports and Special Economic Zone Ltd will discontinue lending money to non-group companies after having lent at least ₹12,687 crore last year, according to a Mint analysis. Instead, the Gautam Adani-controlled company will use surplus funds to cut its ₹44,000 crore debt pile.
Adani Ports’ management disclosed the information to analysts from Pimco, Deutsche Bank, and JP Morgan Asset Management in response to queries regarding the nature of the loans extended to non-related parties or those not owned by the group promoter.
“Let me categorically say there is no ICD (inter-corporate deposits), there are no loans, no advances given to any group company,” Karan Adani, chief executive of Adani Ports, said in a post-earnings call with analysts on 7 February.
Karan is the elder son of founder Gautam Adani, whose family owns 65.13% of Adani Ports. About 17.3% of the promoter’s stake is pledged with creditors as of 31 December.
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