According to a report by the newspaper Mint on Monday, the Adani Group in India is looking to reduce its capital expenditure plans. This decision comes a few days after the main company in the conglomerate, which was planning a $2.5 billion stock sale, decided to cancel it. The information for the report was obtained from individuals who were close to the situation.

The Adani Group may provide more collateral to its lenders in the form of stock pledges, but at the same time, it may also reduce its capital expenditure plans for some of its operations, according to the newspaper report.

The Adani Group did not provide any immediate response to Reuters’ request for comment as the request was made outside of regular business hours.

According to the newspaper, the Adani Group may adjust its growth target for certain businesses from a 12-month timeline to a 16-18 month timeline. The report stated that the company plans to revert back to its regular rate of growth once normal conditions are restored.

The Adani Group will turn to alternative sources of funding such as internal earnings, funding from the promoters through equity, and private investment opportunities to finance its projects, as reported by Mint.

Furthermore, according to a separate report by Mint, the domestic lenders of the Adani Group do not intend to stop the conglomerate from utilizing its approved but unused credit lines, due to concerns that it could result in negative consequences such as defaults. This information was reportedly obtained from bankers.

The shares of Adani Group companies have seen a significant decrease in their market value, losing more than half their value and a combined total of over $100 billion, since January when U.S. short-seller Hindenburg Research raised concerns about the group’s high debt levels and utilization of tax havens. Following this, Adani Enterprises, a subsidiary of the Adani Group, cancelled its planned stock sale.

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