Bannanje Raja meets his sick mother
Fugitive don spares time with his family amidst tight police security
Udupi, July 09: Underworld fugitive don Bannanje Raja, who has been in Belagavi jail for the last four years, met his sick mother at his home at Sasithota of Katapadi on Monday following the permission from the Principal District and Sessions Court and spent around 9 hours from morning to evening with his family amidst tight police security.
Bannanje Raja who came from Belagavi on Sunday and stayed in the Udupi city police station lock-up, was taken to his home at Sasithota on Monday at 9 am under the tight police security led by Udupi circle inspector Manjunath and allowed him to stay with his 80-year-old sick mother Vilasini.
During his visit, Raja’s father 81-year-old M Sundar, brother Arun and his wife, children, wife Vasanti and two children of another brother who died a few years ago, and Raja’s wife Sonam and his children who came from Bengaluru were present at the house. Mother of Bannanje Raja was a retired teacher, while his father was a retired revenue inspector.
When Arun brought breakfast, police verified it and allowed him to take it inside the house. For lunch, the family members prepared chicken curry, roti and fish dishes for Bannanje Raja, family sources said.
On Monday morning, SP Lakshman Nimbaragi, ASP Kumarachandra and Udupi DySP Kumaraswamy visited the house of Bannanje Raja and inspected it.
Bannanje Raja, who went underground in 2015, was arrested in Morocco in South Africa and brought him to Bengaluru. Being the accused in several cases including a murder in Karwar, shoot-out in Airodi Jewellers in Udupi and others, he was in Belagavi jail for the last four years.
Night stay in lock-up
The police brought Bannanje Raja from his home of Kalmadi to the city police station at 6 pm and kept him in the lock-up and he would spend his night in the lock-up.
Even in the lock-up, the police set up three CCTV cameras to keep a vigil on his movements. After conducting medical check up on him at the district hospital, he would be taken to the Belagavi jail with tight police security, police sources said.
House was under CCTV surveillance
From Malpe-Udupi main road, tight police security was deployed till his house, which is around 300 mts from the main road. DAR police were deployed on the main road and the interior road leading to his house. Apart from this, barricades were put up around 100 mts away from his house and in front of his house. Four CCTV cameras were installed inside and outside the house. Police security was beefed up around his house. No one including his relatives, neighbours and media persons was allowed inside the house.
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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.
