Adani Group cites reduced debt load to rebut overleveraged view

The Adani Group said its companies have reduced their debt burden, as the empire backed by Asia’s richest person sought to rebut a report saying its finances had become stretched. 

Using figures that differed from those cited by CreditSights in the report last month, the conglomerate said the leverage ratios of its companies “continue to be healthy and are in line with industry benchmarks.” 

“The companies have consistently de-levered,” with the net debt to Ebitda ratio declining to 3.2 times from 7.6 times in the last nine years, the conglomerate said.

The statement on Monday comes after CreditSights, a Fitch Group unit, termed