Adani JV in talks for first offshore borrowing since Hindenburg

In a worldwide roadshow aimed at reassuring investors that the empire's finances are under control, a meeting was held in London in response to a report of short sellers who erased $153 billion of stock value following a January report on the company's finances.

Several banks are in discussions with Adani Group's joint venture with EdgeConneX about a loan of about $220 million, the conglomerate's first offshore borrowing since shortseller Hindenburg Research targeted it.

Indian billionaire Gautam Adani's conglomerate has been forced to reconsider its ambitions after Hindenburg accused it of accounting fraud and stock manipulation. Even though the group has denied the allegations, its stock and bond prices have dropped.

Flagship Adani Enterprises Ltd. in January shelved a plan to raise as much as 10 billion rupees ($121 million) in what would have been its first public sale of bonds.

Data compiled by Bloomberg show no US dollar bonds and loans taken out by Adani Green Energy Ltd., Adani Ports and Special Economic Zone Ltd. and Adani Enterprises Ltd. since the report was released.

Adani Group executives met US investors as part of its plans to market privately placed bonds of as much as $1 billion in two tranches this year, Bloomberg reported late last month, citing people familiar with the matter.