Adani Group’s Founder Gautam Adani Decides Not to Bid for Stake in PTC India Amid Short Seller Attack
Indian conglomerate Adani Group’s billionaire founder Gautam Adani has chosen not to bid for a stake in electricity trader PTC India Ltd, as the group looks to conserve cash following a short seller attack, according to Bloomberg News. Adani was among the possible bidders considering the state-run Mumbai-listed company, according to a report by Bloomberg in January. However, sources say Adani will not be proceeding with any offer for the energy trading firm.
Investor concerns about Adani Group’s financial health have intensified following allegations by a US short seller, including the improper use of offshore tax havens, stock manipulation and high debt levels. The group denies these allegations, but the reported decision not to bid for a stake in PTC India is seen as a further indication of Adani’s efforts to conserve cash amid the controversy.
PTC India and Adani Group have not responded to requests for comment from Reuters. Meanwhile, state-run companies Power Grid Corporation, Power Finance Corporation, NTPC and NHPC have been planning to sell their approximately 4% stakes each in PTC India since late December.
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