The billionaire owner of the group has moved to shore up investor confidence after a damaging short-seller report.
| Gautam Adani’s ports unit will repay a debt of around 50 billion rupees , as the beleaguered Indian tycoon seeks to improve a leverage metric at his firms following a short seller attack that has put his empire’s financial health and corporate governance under scrutiny.
These developments come just a day after the billionaire and his family prepaid $US1.11 billion worth of borrowings backed by shares in three group companies, including Adani Ports, to allay investor fears. Two other firms of the ports-to-power conglomerate that reported earnings on Tuesday showed strong growth in profits, also
“This could also offer assurance that it might not materially increase related-party loans to support the rest of the group, as free cash flows have been earmarked for debt repayment.” The renewables firm is on track to complete 8,300 megawatts of capacity by March, it said, adding that bond covenants are within stipulated limits.
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