According to a report from Bloomberg, Adani’s Mundra Power Plant is under the scanner with a $1 billion debt.
Adani’s Mundra power plant has more liabilities than assets and has run up $1.8 billion of losses, as per a Bloomberg report which added that the conglomerate has deployed more than $1 billion of creative debt-financing to paper over the deficit and reassured investors and lenders that profits will come soon.
But Adani Power Ltd.’s auditor can’t fully make sense of the math underpinning this claim — and neither can accounting experts who spoke with Bloomberg News. “The Mundra Thermal Power Plant — and its debt, which experts say appears designed to shield Adani Power from extraordinary write-offs, regardless of the unit’s losses — exemplifies this balancing act, where a single asset writedown could have cascading ramifications,” stated the Bloomberg report.
Due to the Adani Scandal, where Chang Chung-Ling violated sanctions against trading with North Korea, India has lost billions to South Korea.
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