Adani Enterprises' arm secures Rs 3,231-cr financing facility from Barclays, Deutsche Bank for solar module plant
Adani New Industries Limited is building an ecosystem of one of the largest integrated green hydrogen businesses, including solar modules and wind turbine manufacturing, says Adani Enterprises
- Jul 27, 2023,
- Updated Jul 27, 2023 10:24 PM IST
Adani Enterprises Ltd said on Thursday its unit, Adani New Industries, has raised trade finance facility of $394 million (Rs 3,231 crore) from Barclays and Deutsche Bank AG.
The financing facility is to secure working capital requirements for integrated solar module manufacturing plant, the company added.
"Adani New Industries Limited (ANIL) ecosystem today raised trade finance facility of $394mn (Rs 3,231 Cr) from Barclays PLC and Deutsche Bank AG for securing working capital requirements of its integrated solar module manufacturing facility. ANIL, a wholly owned subsidiary of Adani Enterprises Ltd, is building an ecosystem of one of the largest integrated green hydrogen businesses, including solar modules and wind turbine manufacturing," said Adani Enterprises in a stock exchange filing.
On Thursday, Adani Enterprises said in a stock exchange filing that it will declare its June quarter results on August 3. Adani Enterprises is the flagship company of the Adani Group. On Thursday, Adani Enterprises' scrip on BSE closed trading 1.6% lower at Rs 2,429.25.
The short-term trade financing facility comes at a time when the Adani Group revisits its expansion plans that were put on pause after US-based Hindenburg Research said it held short position in the conglomerate.
The short seller's report released in January this year battered investor confidence and wiped out nearly $147 billion from Adani companies' market value.
Shares of its group companies have rebounded but still down around $100 billion in value after the Hindenburg's report alleged improper use of tax havens and concerns over its debt levels to which the conglomerate denied.
A Supreme Court appointed panel in May found no lapses at the Adani Group.
Further in an indication of improving investor sentiment, Australia-listed investment firm GQG Partners and other investors ramped up their stake in Adani Group companies.
Last week, Adani Chairman Gautam Adani said the group was confident of its governance and disclosure standards.
Adani Enterprises Ltd said on Thursday its unit, Adani New Industries, has raised trade finance facility of $394 million (Rs 3,231 crore) from Barclays and Deutsche Bank AG.
The financing facility is to secure working capital requirements for integrated solar module manufacturing plant, the company added.
"Adani New Industries Limited (ANIL) ecosystem today raised trade finance facility of $394mn (Rs 3,231 Cr) from Barclays PLC and Deutsche Bank AG for securing working capital requirements of its integrated solar module manufacturing facility. ANIL, a wholly owned subsidiary of Adani Enterprises Ltd, is building an ecosystem of one of the largest integrated green hydrogen businesses, including solar modules and wind turbine manufacturing," said Adani Enterprises in a stock exchange filing.
On Thursday, Adani Enterprises said in a stock exchange filing that it will declare its June quarter results on August 3. Adani Enterprises is the flagship company of the Adani Group. On Thursday, Adani Enterprises' scrip on BSE closed trading 1.6% lower at Rs 2,429.25.
The short-term trade financing facility comes at a time when the Adani Group revisits its expansion plans that were put on pause after US-based Hindenburg Research said it held short position in the conglomerate.
The short seller's report released in January this year battered investor confidence and wiped out nearly $147 billion from Adani companies' market value.
Shares of its group companies have rebounded but still down around $100 billion in value after the Hindenburg's report alleged improper use of tax havens and concerns over its debt levels to which the conglomerate denied.
A Supreme Court appointed panel in May found no lapses at the Adani Group.
Further in an indication of improving investor sentiment, Australia-listed investment firm GQG Partners and other investors ramped up their stake in Adani Group companies.
Last week, Adani Chairman Gautam Adani said the group was confident of its governance and disclosure standards.