Bengaluru: Autorickshaw driver Mutturaj R, aged 47, was arrested by the Magadi Road police for allegedly slapping a woman passenger after she canceled her ride. He was released on bail six days later and has expressed regret and shame for his behavior, although he denied the assault allegations.

Mutturaj, a resident of Chikkalasandra, operates a rented auto to support his family. The incident occurred on September 3 after he accepted a ride request through the Ola app. Upon reaching the pickup point in Rajajinagar, he found that the passenger had canceled the ride and was boarding another autorickshaw. Frustrated by the situation, Mutturaj confronted the woman. According to him, he only attempted to snatch her mobile phone, suspecting she was calling the police, but he insists he did not slap her.

The incident was captured on video by the woman and went viral on social media, leading to Mutturaj's arrest on September 5. He was sent to prison the following day.

In a statement, Mutturaj expressed deep regret, saying he felt ashamed after seeing the video at the police station. He admitted to using abusive language but denied any physical assault, stating, “Hang me to death if she or the police prove I assaulted her.”

The Peace Auto & Cab Drivers Association assisted Mutturaj in securing bail, with drivers contributing Rs 33,000 for legal expenses. The association also plans to approach Ola and other aggregators to request the unblocking of Mutturaj’s account and to speak with RTO officials to prevent the cancellation of his driving license.

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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.