Business

Adani’s Recovery Plan, Seeks to Raise $800 Million

Adani Group is seeking to raise approximately $800 million to finance fresh green energy initiatives, sources familiar with the matter reported. This could potentially represent the largest borrowing undertaken by the conglomerate since it was heavily criticized by a short seller in January.

Also Read: HUL Reports Impressive Q4 Results with 10% Net Profit Jump

Discussions are underway between the Gautam Adani-led group and various global banks such as DBS Bank Ltd., Mitsubishi UFJ Financial Group, Standard Chartered Plc, and Sumitomo Mitsui Banking Corp, according to the reports. However, the sources have requested anonymity due to the confidential nature of these talks.

Reportedly, the proposed funding could range from approximately $700 million to $800 million, but the specifics of the plan and the amount could still be subject to change.

If the proposed project financing for Adani Group’s green energy initiatives is approved, it could signify the growing willingness of banks to lend money to the conglomerate. This comes after Adani Group faced accusations of corporate fraud by Hindenburg Research, which resulted in the loss of more than $100 billion in market value, despite the group’s denial of the allegations. In response, Adani had to recalibrate his business plans and even prepay certain loans in order to regain investor confidence.

Also Read: Samsung Shows Disappointing Q1 Results, Lowest in 14 Years

The renewable energy sector in India is receiving growing foreign investment and ranked among the country’s top five industries for overseas funds during the last fiscal year, with a 5% share of all inflows between April and September 2022. This is a noticeable increase from the 3.3% share during the same period in the previous year.

Shruti Rag

Recent Posts

Pakistan’s Digital Frontline: Jokes, Memes And Savage Self-Roasts

While tensions between India and Pakistan escalate post the tragic Pahalgam terror attack, something unexpected…

6 hours ago

Reliance Industries Q4 Net Profit Rises 6.4% As Retail And Digital Units Offset Energy Weakness

Reliance Industries delivered a strong Q4 FY25 performance, with Y-o-Y net profit rising 6.4% to…

6 hours ago

Yash Pratap Singh And Mehak Jaiswal Top UP Board Exams With Outstanding Scores

Yash Pratap Singh of Jalaun tops Class 10 with 97.83%, while Prayagraj’s Mehak Jaiswal secures…

6 hours ago

Yogi Adityanath Calls For Reforms To Make Madrasa Education Modern And Employment-Oriented

Chief Minister Yogi Adityanath on Friday emphasised the need for sweeping reforms in the madrasa…

7 hours ago

Tulsi Gabbard Backs India’s Hunt For Pahalgam Terror Attack Perpetrators

United States Director of National Intelligence (DNI) Tulsi Gabbard on Friday expressed strong support for…

8 hours ago

World Leaders Head To Rome For funeral Of Pope Francis

Indian President Droupadi Murmu will also attend, representing India alongside Union Minister Kiren Rijiju, Minister…

9 hours ago