TN CM blames parties, anti-socials for Thoothukudi violence
Thoothukudi/Chennai, May 24: Thoothukudi remained tense for the third day as the death toll in police firing climbed to 13 while Tamil Nadu Chief Minister K. Palanisamy on Thursday accused political parties and anti-social elements of "deliberately instigating and misleading" innocent people leading to violence and loss of lives.
Selvasekar (43), who suffered serious injuries in police lathicharge on Tuesday, succumbed to injuries in hospital. More than 70 people, including police personnel who were injured in the clashes and violence, were undergoing treatment in the Government General Hospital.
Meanwhile, an uneasy calm prevailed in Thoothukudi after two days of riots, arson and firing and the situation continues to be tense across the district. Shops and commercial establishments were shut for the third consecutive day while government offices witnessed thin attendance.
Chief Minister Palaniswami, who met reporters in Chennai, said his government would continue to take steps legally for closure of the Sterlite copper smelter plant against which the local people have been protesting and said electricity to the plant was cut on Thursday.
"Some political parties and anti-social elements have wantonly instigated the innocent people who have been protesting peacefully all along and took them on the wrong path, leading to unfortunate incidents," Palaniswamy said without naming any political party.
Replying to a question on who had given permission for the firing, he said there was nothing like permission.
"It was natural that somebody would act in self-defence when attacked and the action was not premeditated. The police used tear gas shells, resorted to lathi charge and then only opened fire when mobs set on fire vehicles near the district collectorate and stormed the residential quarters in the plant and the district collectorate," he said.
Usually the police make preventive arrests but this time there was sudden violence compared to the peaceful protest that had been going on. The protesters had met the district administration 16 times in the past and their grievances had been addressed.
"We express deep condolences and a sense of sorrow over the loss of lives," he said.
Appealing to the people to maintain peace and calm, he said all efforts were being taken to ensure return of normalcy in Thoothukudi.
Asked about the charge by DMK leader M.K. Stalin that he refused to meet him on the issue, the Chief Minister accused him of enacting a drama outside his room in the Secretariat by doing a dharna when he was not there.
Replying to a question about the criticism that he did not visit Thoothukudi to meet the relatives of the victims and the injured, he said prohibitory orders had been imposed and people should respect law by not holding protests or taking out processions.
"Our first priority is return of normalcy," he said, taking an apparent dig at Stalin and other opposition leaders who have made a beeline to Thoothukudi.
Referring to the protests and the functioning of the sterlite plant, the Chief Minister said that the late Chief Minister J. Jayalalitha had ordered closure of the sterlite plant in 2013 but the company appealed against the order in the National Green Tribunal which allowed the company to operate under some conditions.
A case in this regard was still on in the Supreme Court and the Tamil Nadu government's lawyers have strongly put forward their arguments.
With prohibitory orders continuing in sensitive areas, a bandh like situation prevailed in Thoothukudi town for the third day. Most people struggled to buy essential commodities. Internet services have been suspended following the state government advisory to the service providers to prevent provocative messages and rumours being spread on the social media.
Sandeep Nanduri, the new Collector of Thoothukudi, told newsmen that his first priority was to restore normalcy.
Meanwhile, a day after the Madurai Bench of the Madras High Court stayed the expansion of the Sterlite plant and directed the Vedanta Group to cease construction of its second unit in Thoothukudi, the Tamil Nadu Pollution Control Board (TNPCB) ordered the closure of the plant with immediate effect and disconnected power supply to it for non-compliance of certain conditions imposed on it.
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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.
