Adani Group Seeking $800 Million To Finance Green Energy Projects
Based on people familiar with the subject, Adani Group is looking to finance $800 million for new green energy projects, which might be the conglomerate's largest borrowing since it was blasted by a short seller in January.
According to persons who asked not to be identified because the discussions are private, billionaire Gautam Adani's organisation is in talks with global banks such as Sumitomo Mitsui Banking Corp., DBS Bank Ltd., Mitsubishi UFJ Financial organisation, and Standard Chartered Plc.
According to the sources, the finance might range between $700 million and $800 million. However, the plan and size are not final and may change.
An Adani Group official declined to comment. Sumitomo did not respond to emailed, text, or phone inquiries, and DBS, Mitsubishi, and Standard Chartered declined to comment.
After Hindenburg Research accused Adani's ports-to-power complex of corporate fraud, any project financing could demonstrate banks' increasing tolerance in lending money. Despite the group's denials, its market worth has dropped by more than $100 billion. To appease investors, Adani has had to modify his aspirations and prepay some loans.