Adani Touts Deep World Financial institution Ties from Citi to Credit score Suisse

(Bloomberg) — Adani Group touted its deep native and worldwide financial institution relationships in its 413-page rebuttal of the allegations of fraud by brief vendor Hindenburg Analysis.

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The agency stated it has strengthened entry to numerous funding sources and buildings, with sturdy home ties which might be supported by world participation, in accordance with a web page in its assertion Sunday. A number of the greatest names in banking are listed as backers of the Indian billionaire Gautam Adani, who’s additionally Asia’s richest man, although their precise publicity wasn’t disclosed.

In North America, there’s JPMorgan Chase & Co., Citigroup Inc. and Financial institution of America Corp. In Europe, the main lenders embody UBS Group AG, Credit score Suisse Group AG, Deutsche Financial institution AG and Barclays Plc, whereas within the Center East, the roster is Emirates NBD PJSC, First Abu Dhabi Financial institution PJSC and Qatar Nationwide Financial institution QPSC.

Nearer to residence, Adani’s Asian backers embody Japan’s megabanks Mitsubishi UFJ Monetary Group Inc., Sumitomo Mitsui Monetary Group Inc.’s foremost lending unit and Mizuho Monetary Group Inc., in addition to DBS Group Holdings Ltd. and Customary Chartered Plc. In its residence base of India, the group counts on State Financial institution of India, Axis Financial institution Ltd. and ICICI Financial institution Ltd. for help.

Within the doc, Adani additionally stated that its portfolio corporations have proven profitable syndication of banking transactions, citing offers similar to its $10.5 billion acquisition of Holcim Ltd.’s Indian operations. For that deal, Barclays, Deutsche Financial institution and Customary Chartered had been the underwriters, it stated.

Hindenburg Analysis stated on Monday Adani’s rebuttal has did not particularly reply 62 of 88 questions posed by the short-seller.

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