Adani Group says balance sheet of companies “very healthy”

Adani Group says balance sheet of companies “very healthy”

BENGALURU (Reuters) – Adani Group said on Monday the balance sheet of each of its portfolio companies was “very healthy” and that it has strong corporate governance and secure assets, amid a stock rout in the wake of a short-seller report.

Adani Group companies “have strong cash flows, and our business plan is fully funded,” a group spokesperson told Reuters, responding to a media report that the group halved its revenue growth target and plans to scale down fresh capital expenditure.

Each entity will review its own capital market strategy once the current market stabilizes, the group said, adding it was “confident in the continued ability of our portfolio to deliver superior returns to shareholders.”

(Reporting by Chris Thomas in Bengaluru; Editing by Nivedita Bhattacharjee)