India’s Adani Group debt bumps 21% over past year

The now troubled Indian conglomerate, Adani Group’s mounting debt saw another pile added to it with almost 21% increased over the past year as the proportion held by global banks rose to nearly a third.

Around 29% of Adani Group’s borrowings were with global international banks by March end.

Meanwhile, the group has been attempting to repay share pledges, bonds, and loans while it has held large roadshows to rebuild investor confidence and allay concerns about debt.

The recent string of plights that saw its share values plummet, may have been caused following short-seller Hindenburg Research’s critical report. There is also some speculation that the research company deliberately painted a negative image of Adani Group to reap profits of its own bets against them.

Reportedly the conglomerate has paid back at least USD3 billion through the March quarter, “lowering promoter-group pledges and settling bonds” with 3 domestic mutual funds. The group also repaid at least USD445.1 million worth of commercial papers.

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