Few places encapsulate the questions swirling around billionaire Gautam Adani like the Mundra power plant — a coal-fired colossus that for years has burned through money.
This crown jewel of his power company, which can light up millions of homes, has more liabilities than assets and has run up $1.8 billion of losses. To paper over the deficit, Adani has deployed more than $1 billion of creative debt-financing and reassured investors and lenders that profits will come soon.
