Atal Bihari Vajpayee and his father were classmates in law course in same Kanpur college
LUCKNOW: Not many know that BJP stalwart Atal Bihari Vajpayee and his father Krishna Bihari Vajpayee had enrolled in for a course in law at the same college in Kanpur. Vajpayee and his father were not only classmates, but also shared room no. 104 in DAV hostel. “Vajpayee was a very obedient son. He stayed together with his father in the boys’ hostel of the college,” said Vajpayee’s college friend, Ram Mohan Singh, who completed his master’s degree in Political Science with the former Prime Minister.
Quite understandably, Vajpayee was uncomfortable to attend classes with his father. A solution was worked out: Atal attended classes on Monday, while his father’s turn came on Tuesday and so on. It, however, did not work out for the future Prime Minister: Vajpayee didn’t finish the course as he became actively involved with Jan Sangh.
Kanpur was where Vajpayee spend his most crucial phase of his academic life. After graduating from Victoria College of Gwalior, Vajpayee enrolled for post-graduation course in Political Science in Kanpur’s DAV College which was then affiliated to Agra University. He passed the MA exams with flying colours and stood second in the university in 1947.Dr. Vijay Pratap Singh, associate professor, political science department of the DAV College, said that late Dr Madan Mohan Pandey, the then head of political science department, was very close to Vajpayee’s heart.
“Atalji was a simple, dedicated and hardworking student who had a vision and was very focused in his studies. He used to call Dr MM Pandey “guruji”. After classes, he often used to visit his ‘Guruji’s house to discuss political issues and those related to academics,” said the associate professor.Vajpayee had to give up his law course mid-way during the turmoil caused by the Partition in 1947. He was sent as a ‘vistarak’ (probationary pracharak) to UP, which was later to become his ‘karma bhoomi’ (work place).
courtesy : newindianexpress.com
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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.
