Adani hopes to raise $400 million in debt against Aus coal port assets: Report

India’s Adani Group is in talks with global credit funds to raise up to $400 million in debt against a key Australian coal port assets that make up a large portion of its exports of the fossil fuel from Carmichael mine, the Economic Times reported.

North Queensland Export Terminal (NQXT), which is controlled by Adani family trust, is being considered to raise funds for the group, according to the report on Monday, citing sources aware of the fund-raising.

The Indian conglomerate has begun discussions with several large high-yield global credit funds, and has so far received two indicative term sheets from potential lenders which include hedge fund Farallon Capital, the report added.

Adani Group and Farallon Capital did not immediately respond to Reuters’ request for comments.

Reuters recently reported Australia’s corporate regulator said it would review a short-seller report that had flagged a wide range of concerns about the Adani Group.

In Australia, the conglomerate operates the Carmichael coal mine and a related rail line, the North Queensland Export Terminal, which is a major port for Queensland coal exports, as well as a solar farm.