Adani Green to consider reviving dollar bonds by mid-2025: CFO

According to group chief financial officer Jugeshinder Singh, Adani Green Energy Ltd. is considering resuming its previously canceled dollar bond issue between April and June. The move underscores the conglomerate’s resilience despite the ongoing US investigation into its founder Gautam Adani.

“Once we find clarity, we will resume selling dollar bonds,” Singh said in his first interaction with the media since the US indictment came to light last week. The event sent turmoil through Adani’s share market, forced Adani Green to cancel a $600 million bond issue and prompted an inquiry from India’s market regulator.

The renewable energy company also plans to raise up to $500 million by February, either through banks or a private placement in the offshore market, Singh said at an event in Mumbai.

Other Adani group companies may also try to raise funds by selling public bonds in India over the next 12 months, Singh said.

The diversified port power conglomerate, which will have to refinance $3 billion next year, is highlighting its significant cash reserves of $6.3 billion, emphasizing that it will be enough to meet all of its financial obligations.

“No planned acquisitions will be put on hold and there will be no reduction in capital expenditure,” he added.

Last week, US federal prosecutors said Gautam Adani, Asia’s second richest man, and his associates were involved in a scheme to offer more than $250 million in bribes to Indian government officials in exchange for solar energy contracts. The bribes were reportedly hidden in an attempt to obtain funds from American investors.

The allegations have caused the market value of Adani Group companies to plummet by $34 billion, put their credit ratings under review and prompted partners such as TotalEnergies SE to halt new investments.

In response, the Adani group made a concerted effort to reset the story. This week, the conglomerate released a credit report on Monday to reassure investors and lenders of the strong financial health of its business. The statement filed by Adani Green on Wednesday addressed the charges against Gautam Adani and his nephew Sagar Adani, clarifying that they were charged with securities fraud and wire fraud conspiracy and not with violating the US Foreign Corrupt Practices Act , as originally stated.

Singh confirmed that no Adani Group company was implicated in the US investigation. He added that those involved, including Adani and other founders, will respond to the US Department of Justice within the next 10 days.

ALSO READ | Adani group will not face immediate action from investors after US indictment: CRISIL