India’s Adani Group is in talks with global credit funds to raise up to $400 million in debt against assets of the Carmichael coal mine, the Economic Times reported on Monday.
The Adani Group, which saw about $145 billion wiped off its market value after a U.S. short seller accused it of improper use of offshore tax havens, operates the Carmichael coal mine, the North Queensland Export Terminal, which is a major port for Queensland coal exports, as well as a solar farm in Australia.
The North Queensland Export Terminal, which is controlled by the Adani family trust, is being considered to raise funds for the group, according to the report on Monday, citing sources aware of the fund-raising.
- Sponsored Ads -
Australia’s corporate regulator earlier this month said it will review Hindenburg’s report that has flagged a wide range of concerns about the group led by billionaire Gautam Adani.
The Indian conglomerate is in discussions with several large high-yield global credit funds and so far received two indicative term sheets from potential lenders which include hedge fund Farallon Capital Management, ET reported.
Farallon Capital declined to comment on the report, while Adani Group did not immediately respond to Reuters request for a comment.
Reuters recently reported Australia’s corporate regulator said it would review a short-seller report that had flagged a wide range of concerns about the Adani Group.