Shillong, April 27: Adani Group is looking to raise nearly $800 million for new green energy projects as per reports. This could be the conglomerate’s largest borrowing since it was hammered by a short seller in January.
As per a report, the person, who wished to remain anonymous because the conversations are private, said that the Gautam Adani-led firm, which is led by the billionaire, is in talks with several major banks, including Sumitomo Mitsui Banking Corp., DBS Bank Ltd., Mitsubishi UFJ Financial firm, and Standard Chartered Plc.
According to the sources, the finance might be worth between $700 million and $800 million. But the layout and scale aren’t set in stone and could change.
Any project financing could demonstrate banks’ growing tolerance with lending money in the wake of Hindenburg Research’s claims of corporate fraud against Adani’s ports-to-power business. Despite the group’s denial of these accusations, its market worth decreased by more than $100 billion. Since then, Adani has had to change his goals and prepay some loans to appease investors.