Key Points of Adani Group Fundraising Plans for Green Projects:
- Adani Group is seeking around $800 million for its new green energy projects, as per insider sources.
- This could be the biggest borrowing for the Gautam Adani-led conglomerate since it was targeted by a short seller earlier this year.
- Adani Group is reportedly discussing financing with several global banks, including Sumitomo Mitsui Banking Corp., DBS Bank Ltd., Mitsubishi UFJ Financial Group, and Standard Chartered Plc.
- The final size and details of the financing plan are yet to be confirmed and could vary.
- Despite accusations of corporate fraud by Hindenburg Research, Adani Group denied the allegations, and any project financing could indicate banks’ growing confidence in extending funds.
- Adani has had to adjust his ambitions and prepay some loans to restore investor confidence after the conglomerate’s market value declined by over $100 billion.
Details of Adani Group Fundraising Plans for Green Projects:
Adani Group is reportedly looking to gather around $800 million to support its new green energy projects, as per sources familiar with the matter. This could be the biggest borrowing yet for the conglomerate since it was hit by a short-seller earlier this year. The Gautam Adani-led company is in talks with global banks such as Sumitomo Mitsui Banking Corp., DBS Bank Ltd., Mitsubishi UFJ Financial Group, and Standard Chartered Plc.
However, sources who preferred to remain anonymous as the discussions are private said that the amount of financing could vary from $700 million to $800 million, and the plan’s details have not been finalized.
Adani Group refused to give any comments about the financing. On the other hand, Sumitomo has not responded to texts, calls, and emailed inquiries, while DBS, Mitsubishi, and Standard Chartered declined to comment.
This project financing could demonstrate the banks’ growing confidence in extending funds, especially after Hindenburg Research accused Adani’s ports-to-power conglomerate of corporate fraud. Despite the group’s denial of the allegations, it lost more than $100 billion in market value. Since then, Adani has had to revise his aspirations and prepay some loans to reassure investors.
About Adani Group:
Adani Enterprises Limited is a publicly listed Indian multinational holding company and a division of Adani Group. Its headquarters are situated in Ahmedabad, and its main focus is on coal and iron ore mining and trading.
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