Adani Group secures $3 billion loan from sovereign wealth fund: Report

The embattled Adani Group has secured $3 billion loan from a sovereign wealth fund, according to a report on Wednesday (March 1).

Reuters news agency, citing two sources with the knowledge of the matter, said that the conglomerate has told creditors that it has secured the loan, which could be upsized to $5 billion.

The sources cited a memo that was circulated to participants as highlights of a three-day investor roadshow ending on Wednesday. The identity of the sovereign wealth fund was not disclosed in the memo, the report added.

Also read: Adani Group’s debt concern may be overstated: Proxy advisory firm SES

Meanwhile, two days ago, a report claimed that the Adani Group was planning to raise up to $400 million in debt against assets of an Australian coal port.

According to a report in Economic Times, citing sources, who are aware of the fund-raising, the Adani Group has begun discussions to raise funds against assets of a key coal port that makes up a large portion of the conglomerate’s Australian exports of the solid fossil fuel from the controversial Carmichael mine.

North Queensland Export Terminal (NQXT), controlled by the Adani family trust, is now being considered to help raise funds for the Adani Group, it added.

Also read: Adani firm repays ₹1,500 crore to SBI Mutual Fund and Aditya Birla Sun Life

In January, US short-seller Hindenburg Research published a report alleging ‘fraud’ and stock price ‘manipulation’ by the Adani Group. Since then, the group has lost nearly $150 billion in market value.

Last week, the Adani Group’s Adani Ports & SEZ paid ₹1,500 crore loan and promised to repay more as the embattled conglomerate mapped a comeback strategy.

Adani Ports and SEZ paid SBI Mutual Funds’ due amount of ₹1,500 crore on February 20 and will also pay another ₹1,000 crore of commercial papers due in March (as per the payment scheme), a company spokesperson said.

(With agency inputs)