Adani Group engaging with financial institutions over Gujarat petchem project
(Reuters) - India's Adani Group said, on Monday, its engagement with financial institutions over a petrochemical project at Mundra in the western state of Gujarat was still ongoing.
The company clarified after Press Trust of India reported on Sunday that the embattled group had suspended work on the ₹349 B ($4.23 B) Green PVC project after the Hindenburg short seller report.
The company has put major equipment procurement and site construction activities on hold, pending a "financial closure" by lenders, a spokesperson for the group said in a statement.
"We are hopeful to obtain financial closure for the project in the next six months post which full-fledged procurement and construction activities at the site will commence," the spokesperson said.
On Jan. 24, Hindenburg Research alleged stock manipulation and improper use of tax havens, and flagged concerns over debt levels at the company, which Adani has denied.
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