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HomeTop Global NewsIndustriesAdani Conglomerate aims to raise about $800 million for financing green energy...

Adani Conglomerate aims to raise about $800 million for financing green energy projects.

According to people with knowledge of the situation, Adani Conglomerate is looking to raise roughly $800 million. The money will be for new green energy projects. This could be the conglomerate’s largest borrowing since it was hit by a short seller in January.

The individuals, who wished to remain anonymous because the conversations are private. They have said that the Gautam Adani-led firm, which is led by the billionaire, is in talks with several major banks, including Sumitomo Mitsui Banking Corp., DBS Bank Ltd., Mitsubishi UFJ Financial firm, and Standard Chartered Plc.

According to the sources, the finance might be worth between $700 million and $800 million. But the layout and scale aren’t set in stone and could change. Adani Group’s spokesman declined to comment. DBS, Mitsubishi, and Standard Chartered declined to comment, while Sumitomo did not return calls, texts, or emails.

Any project financing could demonstrate banks’ growing tolerance with lending money. Which is in the wake of Hindenburg Research’s claims of corporate fraud against Adani’s ports-to-power business. Despite the group’s denial of these accusations, its market worth decreased by more than $100 billion. Since then, Adani has had to change his goals and prepay some loans to appease investors.

Other moves by Adani Conglomerate:

Vinod Adani, according to Hindenburg, was a key player in what it called “the largest con in corporate history.”  The allegations have been refused by Adani Group, which has not been charged with any offences.

But as concerns grew and the value of Adani Group’s stocks plummeted in late February, Vinod resigned as a director of three businesses related to the family’s coal mine in Australia, on which it had bet billions of dollars.

These previously unreported resignations took place just days before the Indian Supreme Court established a committee to investigate whether authorities had failed to keep an eye on Adani Group. A few transactions between the group and Vinod are currently being investigated by the Securities and Exchange Board of India to determine if they were adequately reported.

As additional information about Adani’s dealings comes to light, concerns over governance, disclosures, and whether the company has benefited from its proximity to and significance to the government of Prime Minister Narendra Modi’s government are raised.

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