Displaying items by tag: DBS Group

Singapore: Banking and financial services company DBS Group says it has controlled its exposure to India-based Adani Group. Chief executive officer Piyush Gupta said "They're solid, cash-generating companies, so we're not concerned about the exposure," according to Reuters. He added that the cement industry has ‘”huge potential” in India. The company was part of a group of banks that lent Adani Group US$10.5bn to fund its acquisition of Ambuja Cement and ACC from Holcim in 2022. DBS Group contributed around US$751m. Adani Group has seen its share price fall since US-based short-seller Hindenburg Research accused it of stock manipulation and accounting fraud in late January 2023.