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News DBS Group not concerned about financial exposure to Adani Group

DBS Group not concerned about financial exposure to Adani Group

Written by Global Cement staff 13 February 2023
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Singapore: Banking and financial services company DBS Group says it has controlled its exposure to India-based Adani Group. Chief executive officer Piyush Gupta said "They're solid, cash-generating companies, so we're not concerned about the exposure," according to Reuters. He added that the cement industry has ‘”huge potential” in India. The company was part of a group of banks that lent Adani Group US$10.5bn to fund its acquisition of Ambuja Cement and ACC from Holcim in 2022. DBS Group contributed around US$751m. Adani Group has seen its share price fall since US-based short-seller Hindenburg Research accused it of stock manipulation and accounting fraud in late January 2023.

Last modified on 15 February 2023
Published in Global Cement News
Tagged under
  • Singapore
  • DBS Group
  • Adani Group
  • Ambuja
  • ACC
  • Holcim
  • Investment
  • Acquisition
  • GCW595
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