Mukesh Ambani and Gautam Adani, who are included in the list of the richest businessmen of the country, are buried under heavy foreign debt. Bank of Baroda has released a report on foreign loans taken by Indian companies. In this, based on the data given by the Reserve Bank of India, it was said that the share of companies of Ambani and Adani in the total foreign debt taken by Indian companies is 1 out of every 5 dollars.
It has been told in the report that in the financial year 2021-22, Indian companies have taken loans of $ 38.2 billion (Rs 2.9 lakh crore in Indian currency) from foreign lenders. Of this, Mukesh Ambani’s Reliance Industries and Gautam Adani-led companies have taken only $ 8.25 billion (debt of 63 thousand crores in Indian currency) in debt.
External Commercial Borrowings (ECB) or Foreign Debt Indian companies take loans from countries like Europe, Japan and the US to meet their operational capital requirements. These loans are cheaper to companies than loans taken from Indian banks because developed countries have lower interest rates than developing countries. At the same time, companies also get the benefit of cheap exchange rates.
The report said that in the last 8 years, foreign debt of $ 260 billion has been taken by Indian companies. These loans have been raised from foreign capital markets, commercial banks and private equity investors.
Richest Adani- Ambani in Asia: Gautam Adani of Adani Group and Mukesh Ambani, owner of Reliance Industries, have a net worth of more than $190 billion. If the total market capitalization of all the companies of both the companies is added then it is more than 33 lakh crore rupees ($429).
According to the Bloomberg Billionaires Index, Gautam Adani has a net worth of $102 billion which makes him the 7th richest person in the world. At the same time, Mukesh Ambani has a net worth of $ 93 billion and is ranked 10th in the list of the world’s rich.