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News Adani Group takes US$2.33bn in new loans since publication of Hindenburg Research report

Adani Group takes US$2.33bn in new loans since publication of Hindenburg Research report

Written by Global Cement staff 08 June 2023
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India: Adani Group has taken a total US$2.33bn-worth of new loans over the two-and-a-half month period since the publication of a report into the group's activities by US-based shortseller Hindenburg Research on 24 January 2023. The report concluded with a finding of 'numerous issues of suspected fraud' by Adani Group. Adani Group explained at the time that all findings were 'stale, baseless and discredited.' The Times of India newspaper has reported that the group's net debt rose by 17% year-on-year to US$22.6bn on 8 June 2023. Adani Group's energy sector subsidiaries raised US$2.01bn-worth (86%) of the debt.

Adani Group completely paid off loans used in its US$6.4bn acquisition of Holcim India on 6 June 2023.

Last modified on 14 June 2023
Published in Global Cement News
Tagged under
  • Adani Group
  • India
  • Adani Cement
  • ACC
  • Ambuja
  • Holcim India
  • Debts
  • debt
  • Energy
  • Power
  • Finance
  • GCW612
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