Adani Group Crisis: Jammu and Kashmir Bank Says тАШOur Loans to the Embattled Business Firm Are SecureтАЩ
Srinagar, February 3: Jammu and Kashmir Bank, which has an exposure of nearly Rs 250 crore in the Adani Group, on Friday said the bank investors have nothing to worry as its loans to the embattled business group are secured.
“Our loans to Adani Group are secured against the assets of the projects that were financed by JK Bank,” JK Bank Deputy General Manager Nishikant Sharma told PTI.┬аAdani Group Firms’ Shares Fall for Seventh Day Running; Stock of Adani Enterprises Tumbles 20% to Rs 1,173.55.
Sharma said JK Bank had given a loan of Rs 400 crore to Adani Group to finance two thermal power projects тАУ one in Maharashtra and one in Mudra, Gujarat.┬аGautam Adani No Longer in List of World’s Top 10 Richest Persons, His Net Worth Plummets by $36 Billion After Adani Group Companies’ Shares Crashed Following Hindenburg Report.
“When we financed the two projects 10 years ago, our exposure was Rs 400 crore, which has now come to Rs 240 crore to Rs 250 crore. The payments are regular and both the power projects are operational with power purchase agreements in place. The bank has the first charge on their sale. Not a single penny is overdue from the Adani account,” he added.
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