Nawaz Sharif says Pak 'violated' agreement with India signed by him and Vajpayee in 1999
Lahore, May 28: Former Pakistan premier Nawaz Sharif on Tuesday admitted that Islamabad had "violated" an agreement with India signed by him and ex-prime minister Atal Bihari Vajpayee in 1999, in an apparent reference to the Kargil misadventure by Gen Pervez Musharraf.
"On May 28, 1998, Pakistan carried out five nuclear tests. After that Vajpayee Saheb came here and made an agreement with us. But we violated that agreement...it was our fault," Sharif told a meeting of the PML-N general council that elected him president of the ruling party six years after he was disqualified by the Supreme Court.
Sharif and Vajpayee signed the Lahore Declaration on February 21, 1999, after a historic summit here. The agreement that talked about a vision of peace and stability between the two countries signalled a major breakthrough, but a few months later Pakistani intrusion in the Kargil district in Jammu and Kashmir led to the Kargil War.
"President Bill Clinton had offered Pakistan USD 5 billion to stop it from carrying out nuclear tests but I refused. Had (former prime minister) Imran Khan like a person been on my seat he would have accepted Clinton's offer," Sharif said on a day when Pakistan marked the 26th anniversary of its first nuclear tests.
Sharif, 74, talked about how he was removed from the office of the prime minister in 2017 on a false case by then chief justice of Pakistan Saqib Nisar. He said all cases against him were false while the cases against Pakistan Tehreek-e-Insaf (PTI) founder leader Imran Khan were true.
He also talked about the role of former ISI chief Gen Zahirul Islam in toppling his government in 2017 to bring Imran Khan into power. He asked Imran Khan to deny that he was not launched by the ISI.
"I ask Imran not to blame us (of being patronised by the army) and tell whether Gen Islam had talked about bringing the PTI into power," he said and added Khan would sit at the feet of the military establishment.
The three-time premier talked about receiving a message from Gen Islam to resign from the office of prime minister (in 2014). "When I refused, he threatened to make an example of me," he said.
Sharif also praised his younger brother Prime Minister Shehbaz Sharif for standing by his side through thick and thin. "Efforts were made to create differences between us but Shehbaz remained loyal to me. Even Shehbaz was asked to become PM in the past and leave me but he declined," he said.
Sharif said after assuming the office of the PML-N President he would renew efforts to strengthen the party.
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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.
