Adani rebuffs report of $400m fundraise against Australian assets

The Indian ports-to-power group operates the Carmichael coal mine, the North Queensland Export Terminal (NQXT), as well as a solar farm in Australia

By Reuters

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Top Stories

The logo of the Adani Group is seen on the wall of its realty office building on the outskirts of Ahmedabad, India. — Reuters
The logo of the Adani Group is seen on the wall of its realty office building on the outskirts of Ahmedabad, India. — Reuters

Published: Mon 27 Feb 2023, 3:06 PM

India’s Adani Group on Monday denied a media report that said the conglomerate was in talks with global credit funds to raise up to $400 million in debt against some of its Australian assets, calling it “totally false and untrue.”

The Indian ports-to-power group operates the Carmichael coal mine, the North Queensland Export Terminal (NQXT), as well as a solar farm in Australia.

The NQXT, a major port for Queensland coal exports controlled by the Adani family trust, is being considered to raise funds to repay promoter debt, the Economic Times (ET) reported, citing sources aware of the fund-raising.

A spokesperson for Adani Group denied the report in an email to Reuters on Monday, without giving any other details.

As of Monday, the conglomerate led by billionaire Gautam Adani has seen about $147 billion wiped off its market value after Hindenburg Research accused it on Jan. 24 of improper use of offshore tax havens and stock manipulation.

The group has rejected all allegations of wrongdoing.

Adani Enterprises, the flagship firm of Adani group, closed down 9.3 per cent on Monday and has lost around 65 per cent since the Hindenburg report.

Australia’s corporate regulator earlier this month said it will review the report that has flagged a wide range of concerns about the group led by billionaire Gautam Adani.

The Indian conglomerate is in discussions with several large high-yield global credit funds and has so far received two indicative term sheets from potential lenders which include hedge fund Farallon Capital Management, ET reported.

Farallon Capital declined to comment.

Meanwhile, Adani is holding fixed-income roadshows this week in Asia, as the conglomerate tries to shore up investor confidence. — Reuters


More news from Business