New Delhi: A joint venture of India’s Adani group is in talks with about half a dozen banks for a loan of about $220 million, which will be its first since short-seller Hindenburg released a damaging report on it this year, Bloomberg News reported on Tuesday.
Data centre provider AdaniConneX, a joint venture with Virginia-based EdgeConneX, will use the money for capital expenditure, with a five year tenor under discussion, the news agency reported citing people familiar with the matter. The loan may be signed in the next few weeks, the report added.
The Adani group declined comment to Bloomberg News. The group did not immediately respond to requests from Reuters for comment.
Hindenburg’s report released on Jan. 24 eroded more than $100 billion in the value of shares in Adani group of companies and forced it to scale back some of its aggressive expansion plans.
(Reporting by Sakshi Dayal; Editing by Krishna N. Das)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.
Also read: Adani controversy brings back the story of how Manmohan Singh govt rescued Satyam