The Adani Group has started talking to international credit funds about raising up to $400 million against the assets of a significant coal port that accounts for a major share of the conglomerate's Australian exports of the solid fossil fuel from the controversial Carmichael project.
North Queensland Export Terminal (NQXT), which is under the control of the Adani family trust, is now being looked at as a potential source of funding for the Adani Group, which has seen its market value drop by close to $150 billion since US short-seller Hindenburg Research published a report late last month alleging "fraud" and "manipulation" of stock prices by the conglomerate.
According to recent reports, the promoters of the Adani group possess all of the equity in the Australian port enterprise. Among the lenders working with the group is the hedge fund Farallon Capital.
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