The quiet death of the SBI-Adani loan agreement5 min read . Updated: 20 Apr 2015, 10:59 AM IST
The lesson from the SBI-Adani incident: A bank should never make public a loan agreementhowever small or big it may bein the presence of a politician
There is nothing official about it, but the so-called memorandum of understanding that the nation’s largest lender State Bank of India (SBI) had signed with Gujarat’s Adani Group in November 2014 to build a $7.8 billion coal mine in Australia has died a natural death. Neither the lender nor the borrower is keen to follow up the agreement that raked up a huge controversy after it was announced in Brisbane where Adani Group boss Gautam Adani was accompanying a business delegation for the Group of 20 summit, attended by India’s Prime Minister Narendra Modi.
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