ESG & Investing
Activists Ask Bondholders to Stop Funding Adani’s Coal Empire
- BlackRock, Pimco among those urged to snub Adani bond sales
- Conglomerate plans to raise $10 billion in new debt in 2023
The Abbot Point coal port in Bowen, Australia, with a capacity of 50 million tonnes, is used by Adani Enterprises of India.
Photographer: Lisa Maree Williams/Getty Images AsiaPacThis article is for subscribers only.
An activist organization is asking bond investors to stop funding Adani Group unless the beleaguered Indian conglomerate “unequivocally halts its coal expansion” and adopts a plan to cut carbon emissions.
In October, Billionaire Gautam Adani’s group was looking to raise at least $10 billion in new debt in 2023 to help refinance high-cost borrowings and fund projects in the pipeline, Bloomberg reported in October. But its debt has come under intense scrutiny following a report by short seller Hindenburg Research, fixing investor attention in the months ahead on a string of bond interest deadlines.