Adani Group has told creditors it has secured a $3-billion loan from a sovereign wealth fund, two sources with knowledge of the matter said, as the embattled conglomerate seeks to ease debt concerns after a short-seller attack.
The credit line from the sovereign wealth fund could be increased to $5 billion, the sources said, citing a memo that was circulated to participants as highlights of a three-day investor roadshow that ended on Wednesday.
The identity of the sovereign wealth fund was not disclosed in the memo. A third person familiar with the matter said Adani’s management told investors it was from the Middle-East.
