The Indian ports-to-power group operates the Carmichael coal mine, the North Queensland Export Terminal (NQXT), in addition to a photo voltaic farm in Australia.
Bengaluru,UPDATED: Feb 27, 2023 16:13 IST
Adani Group has rejected a report which claimed the conglomerate was seeking to increase debt in opposition to a key Australian asset. (Photo: Reuters)
By Reuters: India’s Adani Group on Monday denied a media report that stated the conglomerate was in talks with international credit score funds to lift as much as $400 million in debt in opposition to a few of its Australian property, calling it “completely false and unfaithful.”
The Indian ports-to-power group operates the Carmichael coal mine, the North Queensland Export Terminal (NQXT), in addition to a photo voltaic farm in Australia.
The NQXT, a serious port for Queensland coal exports managed by the Adani household belief, is being considered to raise funds to repay promoter debt, the Economic Times (ET) reported, citing sources conscious of the fund-raising.
A spokesperson for Adani Group denied the report in an e-mail to Reuters on Monday, with out giving every other particulars.
As of Monday, the conglomerate led by billionaire Gautam Adani has seen about $147 billion wiped off its market worth after Hindenburg Research accused it on Jan. 24 of improper use of offshore tax havens and inventory manipulation.
The group has rejected all allegations of wrongdoing.
Adani Enterprises, the flagship agency of Adani group, closed down 9.3% on Monday and has misplaced round 65% because the Hindenburg report.
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Australia’s company regulator earlier this month stated it is going to evaluate the report that has flagged a variety of considerations concerning the group led by billionaire Gautam Adani.
The Indian conglomerate is in discussions with a number of giant high-yield international credit score funds and has thus far acquired two indicative time period sheets from potential lenders which embrace hedge fund Farallon Capital Management, ET reported.
Farallon Capital declined to remark.
Meanwhile, Adani is holding fixed-income roadshows this week in Asia, because the conglomerate tries to shore up investor confidence.
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