Global banks may halt new loans to India's Adani Group after its founder was indicted on fraud charges.

Global banks are considering halting new loans to India's Adani Group after the U.S. indicted its founder, Gautam Adani, for fraud. Adani and others are accused of agreeing to pay $265 million in bribes to secure contracts and develop a major solar project. Adani Group denies the claims, but the move could affect its fundraising plans and increase funding costs. While the banks believe Adani Group has stable cash flows, they are pausing new credit until the impact of the indictment is clearer.

November 22, 2024
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