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Adani Group Seeks $800 mn

Adani Group aims to raise about $800 million for new green energy projects

Any funding for the project could show banks’ growing comfort in spreading money after ports-to-power conglomerate Adani was rocked by allegations of corporate fraud by Hindenburg Research.

Adani Group aims to raise about $800 million for new green energy projects, people familiar with the matter said, in what could be the conglomerate’s biggest loan since it was blocked by a short seller in January.

The group, led by billionaire Gautam Adani, is in talks with global banks including Sumitomo Mitsui Banking Corp., DBS Bank Ltd., Mitsubishi UFJ Financial Group. and Standard Chartered Plc, according to the people, who asked not to be identified because the discussions are private.
The size of the financing could range from about $700 million to about $800 million, the people said. However, the plan and size are not final and may vary.

An Adani Group representative declined to comment. Sumitomo did not respond to emailed queries, text messages and calls, while DBS, Mitsubishi and Standard Chartered declined to comment.
Any funding for the project could show banks’ growing comfort in spreading money after ports-to-power conglomerate Adani was rocked by allegations of corporate fraud by Hindenburg Research. Despite the group denying the allegations, it lost more than $100 billion in market value. Adani has since had to revise its ambitions and also prepay some loans to appease investors.

www.themsmeworld.com

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