Almost a month after the Hindenburg Research report, Gautam Adani, the Indian billionaire has hired top-shelf US crisis communication and legal teams.
Besides Adani's campaign to portray himself as a responsible borrower with prepayments and on-time payments of debt, executives have also kicked off a series of meetings to pacify overseas bondholders.
Adani Group has brought in Kekst CNC as a global communications advisor.
Kekst, the public relations firm co-headquartered in New York and Munich is known for its work with other corporate blow-ups.
Kekst’s team is working with Adani’s C-suite and communications team.
The Adani Group has also hired American law firm Wachtell, Lipton, Rosen & Katz to fight back against the Hindenburg’s claims.
Wachtell is one of the most expensive US law firms and has experience in defending clients facing attacks by shareholder activists.
Adani Group's goal is to cut the group’s ratio of net debt to Ebitda to below three times next year, from the current 3.2 times.
Adani Power Ltd. has also called off a plan to acquire a coal plant project by DB Power Ltd. in central India, as part of the group’s overall effort to curtail capital expenditure and conserve cash.
Adani also plans to appoint a financial controller to oversee his various trusts and privately-held companies.
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