Many social media users are sharing a post claiming that the State Bank of India has waived off the debt of Rs 12,770 crore given to Gautam Adani for Navi Mumbai’s airport.
The post reads, “ഏഷ്യയിലെ ഏററവും വലിയ കോടീശ്വരൻ ഗൗതം അദാനി യുടെ 12770 കോടി കുടിശ്ശിക എഴുതിത്തളളി എസ്ബിഐ. അക്കൗണ്ടിൽ മിനിമം ബാലൻസ് ഇല്ലെന്നു പറഞ്ഞു പാവപ്പെട്ടവനെ കൊള്ളയടിച്ച പണത്തിൽ നിന്നാണ് ഈ കോടീശ്വരൻ 12770 കോടി കുടിശ്ശിക എഴുതിത്തള്ളിയത്.” (English translation, “SBI writes off a debt of 12770 crore rupees of the richest Asian Adani. 12770 crore of this billionaire was written off from the money he robbed the poor man of saying that there was no minimum balance in the account.”)
The link to the post can be seen here.
NewsMobile did a fact-check and found the claim to be Misleading.
On searching with the keywords, “Rs 12,770 Crore Debt, Adani’s Navi Mumbai Airport” we found media reports suggesting that SBI has underwritten the entire debt of Rs 12,770 crores for Adani Mumbai Airport.
A report by BloombergQuint read, “The Adani Group has concluded financing of the Navi Mumbai airport as the public sector lender State Bank of India underwrote the entire debt requirement of Rs 12,770 crore for the project.” The report was published on March 29, 2022.
Business Today reported on March 30, 2022, that the Adani Group has achieved financial closure for the Navi Mumbai International Airport (NMIAL) project by raising a Rs 12,770-crore loan from the State Bank of India (SBI).
The Hindu quoted a press release of Navi Mumbai International Airport Private Ltd. (NMIAL), a subsidiary of Adani Enterprises Limited (AEL), which read, “The SBI has underwritten the entire debt requirement of ₹12,770 crores for the NMIA Project.”
We found that underwriting means that the financial institution will be liable to pay the debt if the lender fails to pay the debt. According to Investopedia, “Underwriting is the process through which an individual or institution takes on financial risk for a fee.”
Write off means to waive off the debt. According to Investopedia, “A write-off is an accounting action that reduces the value of an asset while simultaneously debiting a liabilities account. It is primarily used in its most literal sense by businesses seeking to account for unpaid loan obligations, unpaid receivables, or losses on stored inventory. Generally, it can also be referred to broadly as something that helps to lower an annual tax bill.”
Hence, it means that the SBI will be liable if the Adani group fails to pay a debt of Rs 12,770 crore. Thus, the viral claim is misleading.
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