How Adani Group is planning a comeback amid continued market rout

Gautam Adani was the world's third and Asia's richest man a month back, but allegations by a US-based short-seller Hindenburg saw his wealth plunging by $80 billion and the tycoon slipping to No.30 on the world billionaire index.

Now, according to media reports, the group is making several attempts to make a comeback, including holding investor meetings abroad to address their concerns.

The strategy is based on addressing investor concerns around debt, consolidating operations, and fighting off allegations with help of a top-shelf US crisis communication and legal teams. The group has brought in Kekst CNC as a global communications advisor and engaged American law firm Wachtell, Lipton, Rosen and Katz to fight back against Hindenburg's allegations.

On Monday, investor meetings will be held in Capitol Kempinski hotel in Singapore. There are also meetings planned in Hong Kong on Tuesday and Wednesday as part of the group's comeback strategy. Chief financial officer of the group Jugeshinder Singh and corporate finance chief Anupam Misra are expected to be part of these meetings.

The company has also cancelled a Rs 7,000 crore coal plant purchase as well as shelved plans to bid for stake in power trader PTC to conserve expenses and repaid some debt.

The group has repaid $1.11 billion to release pledged shares in Adani Ports & Special Economic Zone Ltd, Adani Green Energy Ltd and Adani Transmission Ltd, and will repay $500 million bridge loan that was taken to finance the purchase of Holcim Ltd cement assets.

Adani Ports has repaid Rs 1,500 crore to SBIO MF and Aditya Birla Sun Life Mutual Fund and will repay another Rs 1,000 crore in commercial papers due in March.

—With PTI inputs