Adani Group chairman Gautam Adani on Wednesday praised India-US relations and said the partnership between the two largest democracies will be one of the most defining relationships of this century. Speaking at the India Ideas Summit organised by the US-India Business Council, Adani said, “There can be no disagreement that given the fast-evolving & new emerging global dynamics, the success of the partnership between the two largest democracies of India & the US will be one of the most defining relationships of this century.”
“However, while there is a strategic alignment, I’m sure we would all agree that far more needs to be done in terms of ground executions,” added Adani during the session.
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Adani, who is Asia’s richest man overtook Amazon founder Jeff Bezos to become the third richest person in the world, according to the Forbes real-time billionaires list. The Ahmedabad-based tycoon’s net worth soared from over $60 billion to $148 billion in 2022. The increase made him the biggest gainer year-to-date. Adani had earlier surpassed Bill Gates on the world rich list after the Microsoft co-founder donated $20 billion to the Bill & Melinda Gates Foundation.
Meanwhile, Adani’s conglomerate observed an improved net debt to operating profit ratio and more than halving of loans from public sector banks to dispel concerns about it being overleveraged.
In a 15-page note in response to CreditSights report calling the group overleveraged, it said companies in the group have consistently de-levered, with the net debt to Ebitda ratio declining to 3.2 times from 7.6 times in the last nine years, reported news agency PTI.
“The businesses operate on a simple yet robust and repeatable business model focused on development and origination, operations and management and capital management plan,” the note read.