Adani-Hindenburg row: Trinamool MP Mahua Moitra launches fresh attack at Adani; here's what she said

In a fresh attack on the embattled Adani Group, Trinamool MP Mahua Moitra spoke about the Adani Group raising $400 million in debt against the Australia-based North Queensland Export Terminal (NQXT), which is significant for its exports from the Carmichael coal mine.

The Economic Times on Sunday reported that the Adani family trust-controlled North Queensland Export Terminal (NQXT) is now being considered to raise funds for the group.

Moitra, while referring to reports published in November 2021 that cited the Adani Group has already divested its stakes in NQXT, said the Enforcement Directorate (ED) and the Securities Exchange Board of India (Sebi) should urgently look into the matter.

"Adani said it had divested away NQXT... is not on their books. Yet now trying to raise $400 mn (in) debt against it," Mahua Moitra tweeted, tagging the ED and Sebi.

The report mentions that the Adani Group has already begun discussions with multiple large high-yield global credit funds, and has so far received two indicative term sheets from potential lenders which include hedge fund Farallon Capital.

Adani operates the Carmichael coal mine and a related rail line, the North Queensland Export Terminal in Australia, which is a major port for Queensland coal exports, as well as a solar farm.

Moitra, who has been raising her voice against alleged irregularities of the Adani Group, also launched a veiled attack on the ruling party and said the leaders should buy Adani stocks amid the bloodbath in the stock market.

Raising funds

According to the ET report, the Adani Group had used NQXT assets to raise funds in the past. The regulatory filings of the company suggest that the NQXT had debt repayments worth $500 million maturing in December 2022. These were paid using internal accruals and cash infusions by promoters due to a lack of refinancing options.

The Adani Group is reportedly trying to raise $1 billion in the coming weeks to tackle any emergency situations. It also has a loan repayment worth $500 million coming up in March, which was taken to finance its recent acquisition of cement companies, ACC and Ambuja Cement last year.

On Monday, the m-cap of 10 Adani group companies has fallen below Rs 7 lakh crore mark in intraday trade due to persistent selling of Adani Total Gas Limited, Adani Enterprises Limited, Adani Green Energy and Adani Transmission Limited. At Monday's intraday levels, the m-cap of Adani group stood at Rs 6.97 lakh crore, down 63.69 per cent or Rs 12.22 lakh crore over Rs 19.19 lakh crore as on January 24, the day when the Hindenburg Research came out with its scathing report on the Adani Group accusing it of accounting fraud and stock manipulation.

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