Adani Group has received assurances of financial support from three Japanese banks – Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking and Mizuho Financial Group – according to sources close to the development.
The three banks are not current lenders to the group and the support from them will include loans for new projects and refinancing of high-cost debts, as the group embarks on a series of expansion plans, the sources added. The assurances were provided at the group’s investor roadshows held across Asia and Europe to win back trust, following a January report by short-seller Hindenburg Research which led to the erosion of half the group’s market capitalisation.
