Adani Group may cut capex plans in some businesses after FPO fiasco
India’s Adani Group plans to trim its capital spending plans, newspaper Mint reported on Monday citing people close to the development, days after the conglomerate’s flagship firm called off a $2.5 billion share sale.
While providing more collateral in the form of stock pledges to lenders, the group may moderate its capex plans in some of its businesses, the newspaper reported.
Adani Group did not immediately respond to a Reuters request for comment outside of business hours.
The newspaper said the company might look at 16-18 months for growth in certain businesses, instead of a 12-month target, adding that Adani would return to its usual pace of growth once normalcy returns.
