Adani is the world’s largest private sector coal developer. Observers – including rating agencies and courts – have cited interconnections, related party transactions, and contagion risks across the Adani Group. Examples include Adani Green shares being pledged in 2023 as collateral for debt facilities supporting greenfield coal mining.
Investors considering the new bond may want to examine the risks of possible future funding linkages and the alignment of sustainability targets across the Group.
The interconnectedness in particular raises important questions for investors across any Adani Group entity who have restrictions on funding greenfield thermal coal mining.
