BENGALURU -- Adani Group has called off a 70 billion rupee ($847 million) buyout of a coal-fired power plant operator crucial to the expansion of its electricity generation business in central India, signaling a cutback in spending after a short seller's criticism battered the conglomerate's market value and turned lenders cautious.
Adani Group
Adani scraps $847m purchase of coal-fired power plant operator
Indian infrastructure behemoth still struggles with fraud allegations by short seller
A coal-fired Adani Power plant in the western Indian state of Gujar. The company had planned to expand in central India. © Reuters
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