110016This is how low salary people should avail credit card benefits!

After recent setbacks, Adani Group saw its EBITDA grow 36% to Rs 57,219 crore during FY23. Notably, this was the group’s highest recorded EBITDA level. As per reports, it noted that more than 83% of this figure came from core, consistent cash-generating core infrastructure businesses. Riding on this high, Adani is also planning to revive its investment in Mundra Petrochem, India’s largest poly-vinyl chloride (PVC) plant. After previously suspending operations for 4 months, the group has now received in-principle credit approval of up to 14,000 crore Rupees from various banks. The total cost of the project is estimated to be Rs 35,000 crores, building a PVC production capacity of 2,000 kilo tones per annum. Private lenders are also expected to pitch in another 4,500 crores Rupees. Meanwhile, Creditsights which last year said the group was overleveraged. In its latest report said the metrics for the group have improved. In other news Adani Cement has withdrawn from the industry lobby group, Cement Manufacturers’ Association. CMA is a body that represents all large cement companies in the country. Adani is the second largest producer in India with ACC and Ambuja brands.

Byju’s skips payment on $1.2 b loan
Byju’s has skipped payments on a 1.2 billion dollar loan and has disqualified the US lender for “predatory” tactics. Byjus did not pay 40 million dollars in interest due Monday on the USD 1.2 billion loan. .Byju’s filed a suit against investment management firm Redwood saying the US entity purchased a significant portion of the loan while trading in distressed debt, which was contrary to the conditions of the term loan facility. Byjus said it will not make any further payment till the matter is decided in court. It said the lenders had unlawfully accelerated the loan in March due to alleged non-monetary and technical defaults. It said adding that the lenders undertook unwarranted enforcement measures, including seizing control of its US unit — Byju’s Alpha and appointing its management. The company has alleged that lenders issued a notice demanding immediate payment of the entire amount, despite knowing that the purported acceleration was under challenge before the court.