Adani Group is planning to raise around $800 million to finance green energy projects, in what could be its biggest borrowing since US-based short seller levelled allegations of fraud, stock price manipulation and improper use of tax havens, news agency Bloomberg reported citing people familiar with the matter.
Billionaire Gautam Adani-backed conglomerate is reportedly in talks with global banks including Sumitomo Mitsui Banking Corp., DBS Bank Ltd., Mitsubishi UFJ Financial Group and Standard Chartered, the Bloomberg report said quoting people who asked not to be identified as the discussions are private.
The size of funding could be in range of $700 million to $800 million but as per the report Adani's spokesperson declined to comment.
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Earlier this year in January, the US-based short seller Hindenburg Research accused Adani Group of pulling the largest con in corporate history and levelled allegations stock price manipulation and improper use of tax havens.
The allegations were however denied by Adani Group in a 413 page response calling Hindenburg's allegations nothing but a lie, one that is an attack on not just Adani but also India.
The 413-pages long response begins by reading ‘a note of caution to our stakeholders.’ While referring to the Hindenburg Research report driven by “an ulterior motive,” Adani’s response goes on to add that the report has been released to “create a false market,” one that would allow the US-based firm to make financial gains.
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