Sathyan Mokeri: The quiet challenger aiming to transform Wayanad politics
Wayanad (Kerala) (PTI): A grassroots-level politician and Left candidate for the Wayanad Lok Sabha bypolls, Sathyan Mokeri has a history of surprising the Congress in this hill constituency, which is considered its stronghold. When he contested here in 2014, he reduced the rival's victory margin to 20,000 votes.
Ten years later, as he takes on Congress General Secretary Priyanka Gandhi in the constituency, the 71-year-old CPI leader is confident that he will win over the people of the hills.
In an interview with PTI, Mokeri, a former three-time representative of the Nadapuram seat in the State Assembly, claimed that the Congress party has avoided addressing political issues or key concerns of Wayanad in its campaign, focusing instead on family and political lineage.
The people of Wayanad, who had high expectations from their former MP, Rahul Gandhi, now want change and will vote for the LDF, said the senior CPI leader.
Mokeri has no flamboyance in his demeanour and is not known for electrifying speeches, but he is pinning his hopes on his decades-long experience of engaging with the most affected section of society--farmers--through his service in the farmers' organisation.
The national joint secretary of the All India Kisan Sabha, Mokeri, spoke on the politics of Wayanad with a calm but assertive voice, highlighting issue after issue. He alleged that former MP Rahul, who contested in Wayanad as a prime ministerial candidate, did nothing to find solutions for the problems of the hill constituency.
"What did he do for Wayanad when he was the MP for five years? Did he raise any of Wayanad's issues in Parliament? He sought votes for the second time, acknowledging that he had made mistakes and would resolve them if re-elected. Then what happened? He ran away soon after, announcing another candidate for Wayanad," Mokeri said.
He claimed that Rahul did nothing to address the issues of farmers in Wayanad, including the night travel issue with Karnataka, which is now in the Supreme Court, or to advocate for the Nanjangud-Mysore railway line.
"The Karnataka government is against the people of Wayanad regarding the night travel ban issue. The Congress is ruling in Karnataka, and when Rahul was the MP here, he could have resolved the issue easily.
He said that when the State government did everything possible to help the people of Mundakkai and Chooralmala after the devastating landslides of July 30, Wayanad lacked its elected representative in Parliament.
"Rahul could have raised these issues directly with the Prime Minister, but the voice of Wayanad was absent in Parliament," Mokeri claimed.
Although the CPI is a close ally in the INDIA coalition, of which the Congress is a major partner, the senior leader is clear in describing the party's fight against Priyanka Gandhi in Wayanad.
"Why did we form the INDIA coalition? What was its political purpose? The Left parties were the ones that took the first steps to form a larger coalition capable of combating fascist forces. Do we have fascist forces in Kerala? These forces exist in Northern India, in states like UP, Bihar, Madhya Pradesh, and Gujarat.
"These areas once belonged to the Congress, and leaders like Rahul and Priyanka should have contested against the fascist forces in these states," he said, adding that the decision of the Congress national leaders to contest from Wayanad is highly apolitical and an escape from the political aims of the INDIA coalition.
Slamming the Congress, he said the idea of simply winning from anywhere to become a Member of Parliament is highly apolitical.
With his experience as a three-time MLA representing the Nadapuram Assembly constituency, Mokeri critically examines issues and vows to stand by the people of Wayanad throughout.
He said that the people of Wayanad are now asking for change, feeling that they made a mistake by electing Rahul Gandhi twice.
Mokeri noted that the prospect of Wayanad electing a potential PM candidate had helped Rahul, leading to a shift in the voting pattern in the constituency with his arrival.
"But now the people know that they have made a mistake, and they want to correct it. I am not saying this as a hype during the election campaign. In 2014, when I contested from Wayanad, the majority that the Congress received was just over 20,000 votes.
"If you consider the Assembly elections, except for Eranad, all the other Assembly constituencies under the Wayanad parliamentary constituency have voted for the LDF on different occasions. In the local body polls, there is also not much difference between the LDF and UDF," Mokeri said.
His roadshow had a considerable presence of party workers and senior leaders, though it was nothing compared to the euphoria Wayanad witnessed the day before during Priyanka's roadshow.
Mokeri's campaigns are also low-key, as he personally visited company employees, labourers, Haritha Karma Sena workers, and common people.
"I am getting a good response from the field, as I have been campaigning since October 19. They are going to vote for me this time, ensuring a win for the LDF," Mokeri said.
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Adani touts financial strength, shows can grow without external debt
New Delhi (PTI): Billionaire Gautam Adani's conglomerate on Monday touted its financial and credit details of its portfolio companies to investors, showcasing its robust profits and cash flows that can sustain growth without reliance on external debt.
The ports-to-energy conglomerate, which has been hit by an indictment in a US court against its founder chairman Gautam Adani and two other executives for allegedly bribing Indian official to secure solar power contracts, in a presentation to the investors highlighted its consistently expanding profits and cash flows, which over a period have led to lowering dependence on debt for its growth ambitions.
Equity now accounts for almost two third of its total asset creation, a stark contrast to five years ago. In the last six months, the group has invested close to Rs 75,227 crore, against a total debt increase of only Rs 16,882 crore.
A note was also shared with the investors, along with presentations.
Outlining the group's liquidity position, the note said, "Adani Portfolio companies have sufficient liquidity to cover all debt servicing requirements for at least 12 months. As of September 30, 2024, Adani Portfolio companies had a cash of Rs 53,024 crore, which was close to 21 per cent of its total gross debt outstanding".
This amount, it said, was sufficient to cover the next 28 months of debt servicing requirement.
GROWTH WITHOUT DEBT
In the past, the group has announced plans to invest over Rs 8 lakh crore (USD 100 billion) across portfolio companies in the next ten years.
The Fund Flows from Operations (FFO) or cash profits stood at Rs 58,908 crore for the last twelve months and is growing over 30 per cent for the past five years. On the basis of this, even after assuming no growth, the group will be able to invest Rs 5.9 lakh crore only from its internal cash accruals over the next ten years, leaving very little dependency on external debt.
Further, at the portfolio level, there is very low debt gearing of 2.46x -- which means it has massive headroom for debt, according to the presentation.
Other highlights from the presentation included EBITDA (earnings before interest tax and depreciation) for the last twelve months, which it said is highly stable and hence predictable due to its infrastructure projects, which grew by 17 per cent to Rs 83,440 crore.
Also, existing annual cash flows alone can pay the entire debt in 3 years.
Gross assets/investments increased by Rs 75,227 crore, against total debt increase of only Rs 16,882 crore. Asset base has now increased to Rs 5.5 lakh crore.
Average cost of borrowing at 8.2 per cent, lowest in the last 5 years, due to upgrade in ratings across group companies, it said.
Adani Group's long-term debt from domestic banks was Rs 94,400 crore. This stood against a cash balance of Rs 53,024 crore, most of which was parked with Indian banks.
Borrowings from global banks were 27 per cent of total debt.
