Adani Group to raise $400 mn against Australian assets: Report

Trinamool Congress (TMC) MP Mahua Moitra on Monday (February 27) hit out at billionaire Gautam Adani’s Adani Group after a report said that it 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’s stocks plummet further as investors suffer an additional loss of ₹40,000 cr

Last month, 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.

Recent disclosures show that the Adani group promoters own 100% equity in the Australian port asset. The group has begun talks with several large high-yield global credit funds, and has so far received two indicative term sheets from potential lenders, the report said.

Sharing the report, MP Moitra questioned the Adani Group stating that it had earlier said it had divested away NQXT terminal. She tagged the Enforcement Directorate (ED) and Securities Exchange Board of India (SEBI).

Also read: Hindenburg impact? Gautam Adani’s net worth falls below $50 billion

“Adani said it had divested away NQXT terminal. Is not on their books. Yet now trying to raise $400 mm debt against it. @IncomeTaxIndia @dir_ed @SEBI_India still pretending NQXT not related party & allowing non-disclosure of foreign assets & skimming away coal profits,” she tweeted.

In another tweet, she slammed “saffron chaddiwalas” for trolling her “Adani exposes”.

“All you saffron chaddiwalas who spend time trolling my Adani exposes- go spend some money, prove your patriotism & buy Adani stocks instead,” she wrote.