Bengaluru: India’s Adani Group is looking to raise up to $800 million for new green energy projects and is in talks with global banks, Bloomberg News reported on Thursday, citing people familiar with the matter.
The size of the fundraise could range from about $700 million to some $800 million, the report said, adding that the plan and size were not finalized.
This could be billionaire Gautam Adani-led conglomerate’s biggest borrowing since a short-seller report sparked a share rout in January, the report added.
Adani Group is in discussions with banks, including Sumitomo Mitsui Banking Corp, DBS Bank Ltd, Mitsubishi UFJ Financial Group and Standard Chartered Plc, the report said.
Adani Group, Sumitomo Mitsui Banking, DBS Bank and Mitsubishi UFJ Financial did not immediately respond to Reuters’ requests for comment, while Standard Chartered said it had no comments.
The conglomerate’s seven listed stocks, including Adani Green Energy Ltd, lost roughly $114 billion in market value earlier this year after Hindenburg Research’s report accused the group of unlawful use of offshore tax havens and stock manipulation. Adani has denied the allegations.
Meanwhile, India’s renewables sector is attracting increasing foreign investment, and was among the country’s top five industries for overseas funds last fiscal year, with a 5% share of all inflows from April to September 2022, compared with 3.3% in the same period a year ago.
(Reporting by Rama Venkat and Urvi Dugar in Bengaluru; Editing by Savio D’Souza and Varun H K)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.