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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.

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 AsiaPac

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.