MUMBAI: Indian billionaire Gautam Adani’s embattled conglomerate said it has adequate cash reserves and its listed companies are able to refinance their debts.
The comments came in a credit report aimed at reassuring investors after a critical investigation by US short-seller Hindenburg Research last month. Scrutiny of the cash position of group companies has intensified as they pay down borrowings, given that a spike in yields on Adani debt after the Hindenburg report would make refinancing prohibitively expensive.
