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Adani Group could find funding harder after $265 mn bribery indictment

VCCircle · 8m

Indian conglomerate Adani Group may face difficulty in securing funding following the recent indictment of its billionaire founder, Gautam Adani, for his alleged involvement in a $265 million bribery scheme. Some global banks are considering halting fresh credit to the group, while ratings agency S&P warned of potentially fewer takers for Adani's planned equity and debt market access. The fallout could extend beyond the Adani Group, impacting India's renewable energy sector and potentially slowing down international investment and project financing. The Securities and Exchange Board of India is also investigating if Adani entities breached local market regulations.