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

Mumbai: Adani Group is aiming to raise about $800 million for new green energy projects, people familiar with the matter said, in what could be the conglomerate’s biggest borrowing since it was slammed by a short seller in January.

Billionaire Gautam Adani-led group is in discussions with global banks including Sumitomo Mitsui Banking, DBS Bank, Mitsubishi UFJ Financial Group and Standard Chartered, according to the people, who asked not to be identified as the discussions are private.

The size of the financing could range from about $700 million to some $800 million, the people said. But the plan and size aren’t final, and could vary.

A representative from Adani Group declined to comment. Sumitomo didn’t respond to emailed queries, texts and calls while DBS, Mitsubishi and Standard Chartered declined to comment.

Any project financing could show banks’ increasing comfort in extending money, after Adani’s ports-to-power conglomerate was roiled by accusations of corporate fraud by Hindenburg Research. Despite the group denying these allegations, it lost more than $100 billion in market value. Adani has since had to recast his ambitions as well as prepay some loans to assuage investors.