Adani Group touted its deep local and international bank relationships in its 413-page rebuttal of the allegations of fraud by short seller Hindenburg Research. The firm said it has strengthened access to diverse funding sources and structures, with strong domestic ties that are supported by global participation, according to a page in its statement Sunday. Some of the biggest names in banking are listed as backers of the Indian billionaire Gautam Adani, who’s also Asia’s richest man, though their exact exposure wasn’t disclosed.
In North America, there’s JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. In Europe, the major lenders include UBS Group AG, Credit Suisse Group AG, Deutsche Bank AG and Barclays Plc, while in the Middle East, the roster is Emirates NBD PJSC, First Abu Dhabi Bank PJSC and Qatar National Bank QPSC.
Closer to home, Adani’s Asian backers include Japan’s megabanks Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc.’s main lending unit and Mizuho Financial Group Inc., as well as DBS Group Holdings Ltd. and Standard Chartered Plc. In its home base of India, the group counts on State Bank of India, Axis Bank Ltd. and ICICI Bank Ltd. for support.
In the document, Adani also said that its portfolio companies have shown successful syndication of banking transactions, citing deals such as its $10.5 billion acquisition of Holcim Ltd.’s Indian operations. For that deal, Barclays, Deutsche Bank and Standard Chartered were the underwriters, it said. Hindenburg Research said on Monday Adani’s rebuttal has failed to specifically answer 62 of 88 questions posed by the short-seller.