The loss suffered by the Adani Group is not being recovered from the January report of the American short seller firm Hindenburg Research. The decline in the market capitalization (Adani MCap) of group companies and the net worth of group chairman Gautam Adani has not been recovered yet. On the other hand, many deals of Adani group are getting stuck one after the other.
The deal was to be done for Rs 400 crore
According to a news from ET, the list of stalled deals is getting longer and now a new name has been added to the proposed deal with the aircraft maintenance company Air Works. Adani Group had prepared a plan to buy Air Works for $53 million i.e. around Rs 400 crore. For this, several rounds of talks were also held between the two sides. A date was also fixed for this, which has now passed.
Crisil has told this
In the news of ET, this information has been given by quoting the credit rating agency Crisil. Crisil has told in one of its recent notes that talks between the two sides are not happening and there is no hope of further progress. This means that the plan to buy Air Works by the Adani group has probably been shelved. Even before this there were reports that this deal might have been shelved.
Adani group has changed strategy
However, till now nothing has been officially told about this deal from Adani Group or Air Works. By the way, after the Hindenburg report came out, many deals of Adani group have been postponed. The group has made a radical change in its strategy of doing business. The Adani group, which is famous for expanding its foothold in new areas by acquiring aggressively, has now paid full attention to reducing debt. The group has currently adopted a strategy of postponing new deals.
Adani group is present in many areas
Adani Group is one of the largest business groups in India in recent times. This group is active in business ranging from FMCG to Green Energy and from Port to Airport. Adani Group currently has the right to operate 7 airports in India. Adani’s airport business was about to expand with the acquisition of Air Works.
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