BENGALURU : Adani Group stated, on Monday, its engagement with monetary establishments over a petrochemical undertaking at Mundra in Gujarat was nonetheless ongoing.
The corporate clarified after Press Belief of India reported on Sunday that the embattled group had suspended work on the ₹34,900 crore ($4.23 billion) Inexperienced PVC undertaking after the Hindenburg brief vendor report.
The corporate has put main tools procurement and website building actions on maintain, pending a “monetary closure” by lenders, a spokesperson for the group stated in an announcement.
“We’re hopeful to acquire monetary closure for the undertaking within the subsequent six months publish which full-fledged procurement and building actions on the website will start,” the spokesperson stated.
On Jan. 24, Hindenburg Analysis alleged inventory manipulation and improper use of tax havens, and flagged issues over debt ranges on the firm, which Adani has denied.
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Supply: Live Mint