(Bloomberg) -- Sign up for the India Edition newsletter by Menaka Doshi – an insider's guide to the emerging economic powerhouse, and the billionaires and...
-- Sign up for the India Edition newsletter by Menaka Doshi – an insider's guide to the emerging economic powerhouse , and the billionaires and businesses behind its rise, delivered weekly. Adani Group said it has enough cash to cover more than 30 months of debt payments, in a move aimed at alleviating concerns about its liquidity risk as the Indian conglomerate contemplates fresh fundraising for its flagship unit.
The port-to-power conglomerate’s Ebitda, or earnings before interest, tax, depreciation and amortization, rose 33% to about 225.70 billion rupees in the quarter ended June 30. The completion of such financing and signs of improved cash flows would help Adani Group recover investor confidence after US short-seller Hindenburg Research accused it of widespread fraud and corporate malfeasance in early 2023, leading to a rout that at one point erased more than $150 billion from its market value. Adani has repeatedly denied these claims.
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