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After $135-billion wipeout, Adani Group plans multi-pronged comeback

Besides a campaign to portray themselves as responsible borrowers with prepayments and on-time payments of debt, executives have also kicked off a series of meetings to pacify overseas bondholders

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Photo: Bloomberg

Bloomberg
Almost a month after a bombshell short seller report lopped off over $135 billion in market value from Gautam Adani’s empire, the billionaire has hired top-shelf US crisis communication and legal teams, scrapped a $850 million coal plant purchase, reined in expenses, repaid some debt and promises to repay more.

The ports-to-power conglomerate helmed by Adani — who used to be Asia’s richest person — is hoping to claw back the narrative with this playbook and calm jittery investors and lenders after US-based Hindenburg Research on Jan. 24 accused it of accounting fraud, stock manipulation and other corporate governance lapses.

The Adani

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First Published: Feb 20 2023 | 11:17 PM IST

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