DBS Group Holdings, Singapore’s largest lender, has a total exposure of SGD 1.3 billion (USD 976 million) to Adani Group, with SGD 1 billion coming from a cement firm acquisition financing and the remaining SGD 300 million from other Adani companies, according to CEO Piyush Gupta.
Gupta assured that the lender has no exposure to Adani’s share issues and expressed confidence in the company’s solid cashflows, which are carefully managed.
Adani, which has previously highlighted its strong global banking ties, has faced recent controversy surrounding its relationships with lenders in the wake of accusations of accounting fraud and stock manipulation by US short seller Hindenburg Research. However, Indian banks have largely ignored these concerns, and DBS, which has been actively expanding in India, remains confident in its exposure to the Adani Group.
The acquisition of Lakshmi Vilas Bank Ltd. more than two years ago marked DBS’s foray into the Indian market, and the company continues to look for opportunities to invest in its India unit and drive growth.
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