Gautam Adani asked for a loan of Rs 14 thousand crore from SBI, already has a loan of 2.21 lakh crore

Gautam Adani, the biggest rich in India and Asia, has sought a loan of Rs 14,000 crore from state-run SBI. Adani Group plans to set up a PVC plant in Mundra, Gujarat and has approached SBI for a loan.
Business newspaper Mint has given this news quoting sources. The initial investment for this project is Rs 19,000 crore. Adani Group is planning to raise this money through debt and equity. This project is being carried forward by Adani Enterprises, the flagship company of Adani Group.

Earlier in March, Navi Mumbai International Airport, a company of Adani Enterprises, had raised Rs 12,770 crore from banks. Recently the company raised Rs 6071 crore for its greenfield copper refinery project at Mundra. The loan for the PVC project is currently under consideration. According to sources, this loan will also be underwritten like the Navi Mumbai airport. Also part of it will be sold to other banks like Navi Mumbai airport. In case of Navi Mumbai airport, most of the loans have been taken by other banks from SBI. Experts say that in the case of PVC project, SBI will keep around Rs 5000 crore in its loan book.

Debt on Adani Group
According to media reports, the debt of Adani Group increased by 40.5 percent to Rs 2.21 lakh crore in the financial year 2021-22. It was Rs 1.57 lakh crore in the last financial year. In the financial year 2021-22, the debt of Adani Enterprises grew the highest at 155%. During this period, the company’s debt increased to Rs 41,024 crore. Adani Power and Adani Wilmar’s debt came down. Adani Power’s borrowing declined by 6.9 per cent to Rs 48,796 crore in 2021-22. Similarly, the debt of Adani Wilmar declined by 12.9 per cent to Rs 2568 crore.

Meanwhile, the shares of Adani Enterprises rose two per cent to a new level of Rs 2,498.80 on the NSE. The stock has risen for the sixth consecutive day and has gained six per cent during this period. The stock has gained 15 per cent in the last one month, while the Nifty 50 index has gained six per cent during this period. If we talk about the last six months, during this period the stock of Adani Enterprises has gained 36 per cent while the benchmark index has fallen by six per cent. With this boom, the company’s market cap has reached close to Rs 3 lakh crore.