Searching for land for constructing Haj Bhavan at Adyar: Minister Zameer
Mangaluru, July 21: Haj and Wakf Minister Zameer Ahmed Khan said that it was decided to purchase a private land at Adyar in Farangipete on National Highway 75 to construct the Haj Bhavan.
Flagging off the Haj yatra of the first team to be left from the Mangaluru International Airport, at Bajpe Ansar School premises here on Saturday, the Minister said that it was decided to drop the land sanctioned near Bajpe for the construction of the Haj Bhavan. He would not do any politics in Haj and he would not give false promises. The land sanctioned near Bajpe was not suitable for the Haj Bhavan. So, he has inspected the land near Adyar. If the owners of the land gave it in concession, it would be purchased and Haj Bhavan would be constructed. Normally, Haj Bhavan would be used for just five-six days in a year and rest of the days, it would be useless. So, it should not be useless. If it was constructed on the roadside or residential place, it could be rented out for other programmes, he said.
Haj pilgrimage was not only for the rich, but the poor Muslim could also make it as it was a lifetime aspiration. Before entering the politics, he had sent Imam and Muazzin of a masjid to Haj in his own cost and he has continued it till today. In future also, he would do it, he said.
Let officers team serve
In order to serve the Hajj pilgrims, a team of officers including doctors were being sent to the Haj from the state. They should serve the pilgrims. But the officers who go to Mecca and Madina to serve the pilgrims should not indulge in other activities, said Housing and Urban Development Minister UT Khader.
Udupi district composite Khazi PM Ibrahim Musliyar Bekal, Mangaluru Haj Management Committee president Y Muhammad Kunhi, MLC BM Farooq, former MLA, BA Moideen Bava, Central Committee president Haji Muhammad Masood, Retired police officer GA Bava, Dakshina Kannada Wakf Committee president Kanachur Monu, Udupi district Wakf Advisory Committee president KP Ibrahim, MUDA former president Ibrahim Kodijal, Khateeb Abdul Razaq Madani of Bajpe masjid, Bajpe Ansari school president and businessman Zakaria Bajpe, Haj Management Committee general secretary SM Rashid Haji, Haj and Wakf department secretary Muhammad Mohsin, Mangaluru taluk panchayat president Muhammad Monu, Dakshina Kannada district Congress minority wing president NS Kareem, and others were present.
This year, 1,73,000 people take up Hajj pilgrimage from India. Among them, 6624 are from Karnataka. But total 18,427 persons have applied for Hajj pilgrimage and among them, only 6624 were selected including 686 reserved candidates. Out of 520 persons, 432 people from Dakshina Kannada, Udupi, Hassan, Kodagu and Chikmagaluru districts would take up Hajj pilgrimage from Mangaluru airport on July 21, 22 and 23 said State Haj Committee convener KM Abubakar Siddiq Montugoli.
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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.
