Bannanje Raja comes to Udupi to see his mother in police security
Night stay at city station lock-up
Udupi, July 08: The police have brought underworld fugitive don Bannanje Raja who is in Belagavi jail, to Udupi to see his mother who is suffering from illness, following the permission from the Principal District and Sessions Court of Udupi on Sunday.
As of now, Raja was kept in Udupi city police station lock-up. The police have allowed him to stay with his mother at Kalmadi on Monday from 6am to 6pm.
Court permission
During the hearing at the court, Bannanje Raja who was in Belagavi Hindalga jail had appealed Judge Venkatesh Nayak through video conference to allow him to see his mother as she was ill. His advocate Shantaram Shetty filed an appeal before the court.
Following his appeal, the judge had given permission on July 5 to see his mother and stay with her from 6 am to 6 pm. The court also directed him to bear the expenses of his travel and security and pay it to the police department. Based on that, the DAR police team led by Udupi city police inspector Sunil Kumar went to Belagavi on July 7 and brought him to Udupi on Sunday morning with tight police security. Meanwhile, Raja was subjected to medical check-up at the Kundapura government hospital and brought him to Udupi police station at 6.45 pm.
Tight security around police station
Tight police security was arranged around the city police station where Raja was kept in the lock-up. Armed police personnel were deputed for the security. Before Raja was brought to the station, sufficient police force was deputed around the police station under the leadership of Udupi circle inspector Manjunath. Soon after he was taken inside the police station, the gate was closed and no one was allowed inside.
The police station was equipped with three CCTV cameras to keep a vigil on his movement inside the station where he would stay till July 10 morning. Today, Udupi SP Lakshman Nimbargi and ASP Kumarachandra visited the police station and reviewed the police security. Kundapura DySP Dinesh Nayak was present.
Police security to his house at Kalmadi
Police sources said that Bannanje Raja would be taken to his house at Kalmadi at 7 am with tight police security. The police force has already checked the entire house and inspected it and provided tight police security around the house. Raja was allowed to stay only with his mother from morning to evening. No others would be allowed inside the house. The police would bring him back to the city police station in the evening and keep him till July 10 morning. Later, he would be subjected to medical check-up at the district government hospital and taken to the Belagavi jail, sources 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.
