India’s Adani Group is in talks with global credit funds to raise up to $400 million in debt against a key Australian coal port assets that make up a large portion of its exports of the fossil fuel from Carmichael mine, the Economic Times reported.
Sources familiar with the matter have revealed that North Queensland Export Terminal (NQXT), owned by the Adani family trust, is being considered as a fundraising option for the Adani group, as reported on Monday.
According to the report, the Indian conglomerate has initiated talks with multiple large high-yield global credit funds and has received two preliminary term sheets from potential lenders, including hedge fund Farallon Capital.
Adani Group and Farallon Capital did not immediately respond to Reuters’ request for comments.
Reuters recently reported Australia’s corporate regulator said it would review a short-seller report that had flagged a wide range of concerns about the Adani Group.
In Australia, the conglomerate operates the Carmichael coal mine and a related rail line, the North Queensland Export Terminal, which is a major port for Queensland coal exports, as well as a solar farm.
