Ahmedabad-based Adani Group is alarmed with the falling value of rupee and now pinning its hopes on dollar revenues from its port trade. Gautam Adani, Chairman of Adani Group said that the port trade of the company has income streams, which are US dollar-denominated.
The group imports coal to fuel its power stations in India and has close to $5 billion in dollar debt. The group has also invested close to $2 billion in an Australian mining project. The firm’s exports were Rs 17 crore, according to its 2013 yearly report.
In the case of Adani Power, Adani said the majority forex exposure was on long tenure loans, which had been fully provided for up to June 30 and, hence, any raise and decline continued to be accounted for on quarterly basis.