Two units of Adani Group are in advance talks to raise funds of around $250 million from Mitsubishi UFJ Financial Group through separate bilateral offshore loans, a Bloomberg ort stated citing people familiar with the matter.
Adani Ports and Special Economic Zone Ltd and Adani Airport Holdings Ltd are set to raise approximately $100 million and $150 million, respectively, the report maintained. Bloomberg further stated that the port-related deal could be finalized as soon as this week, and both companies are also reportedly in discussions with other Japanese banks for additional debt.
The deal would be MUFG’s first bilateral loan to the company since the US Department of Justice indicted Gautam Adani in November over an alleged bribery scheme. Earlier in May, the ports vertical had secured a similar $150 million bilateral loan from DBS Group Holdings Ltd.
In November 2024, the conglomerate faced scrutiny when US prosecutors filed fraud charges against Gautam Adani, accusing him of orchestrating approximately $250 million in bribes to Indian officials to secure high-value solar power contracts.
Earlier last week, Adani Group again came under scanner of with US prosecutors reportedly investigating whether Gautam Adani’s companies imported Iranian liquefied petroleum gas (LPG) into India through the Mundra port, potentially violating US sanctions. According to a report by Wall Street Journal (WSJ), he US Justice Department is reviewing the activities of several tankers suspected of shipping Iranian-origin LPG to Adani Enterprises.