Not scared of expulsion from BJP, says ex Deputy CM Eshwarappa
Shivamogga (PTI): Former Deputy Chief Minister K S Eshwarappa on Tuesday said he is not scared of expulsion from the BJP as he reiterated his resolve to contest the Lok Sabha elections as an independent with full vigour.
He said his expulsion was on the expected lines.
BJP on Monday expelled Eshwarappa for six years for violating party discipline, and contesting Lok Sabha polls as an independent candidate.
"Ignoring the party's directions, you are contesting as a rebel candidate from Shimoga Lok Sabha constituency, causing embarrassment to the party. This is violation of party discipline," state disciplinary committee president Lingaraj Patil said in the expulsion order.
It said, "so, you have been relieved from all the responsibilities and have been expelled from the party for six years, with immediate effect."
Eshwarappa has remained steadfast on his decision to contest, spurning efforts by party leaders to pacify him.
The paty's decision to expel the former Leader of Opposition in the Legislative Council, came on the last day for withdrawal of candidature for the second phase of Lok Sabha polls in Karnataka on May seven.
Eshwarappa along with Yediyurappa and late H N Ananth Kumar is widely credited with building the BJP from the grassroots in Karnataka.
Ahead of the Assembly polls last year, opting out of the contest, he had asked the party's central leadership that he wished to retire from electoral politics and requested it to not consider fielding him from any constituency.
Modi had then dialled Eshwarappa and spoke to him over a video call and expressed appreciation for his move to retire from poll politics, as per the instructions from the party.
"I have not received any communication from the party regarding my expulsion. The fact is that I was wondering why I was not expelled yet," Eshwarappa told reporters here on Tuesday, in an apparent sarcastic note.
He said, "I will not be scared of expulsion. My contesting is clear, winning from Shivamogga (Shimoga Lok Sabha seat) is clear and strengthing (the hands of) Prime Minister Narendra Modi is also clear," the 75-year-old said.
He added that he has been allotted election symbol of "farmer with sugarcane", which indicates blessings for him from the farmers of his constituency.
Eshwarappa was eyeing a ticket for his son K E Kantesh from neighbouring Haveri constituency.
After the denial of ticket, Eshwarappa rebelled against former Chief Minister B S Yediyurappa and BJP's Parliamentary Board member accusing him of scuttling his son's political prospects.
Targeting Yediyurppa and his two sons -- B Y Raghavendra who is contesting the election on BJP ticket from Shivamogga and B Y Vijayendra, BJP state president and Shikaripura MLA, Eshwarappa said BJP has turned into a 'Father-Son' party in Karnataka with nepotism galore.
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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.
