Adani Group said its companies have enough cash to meet debt obligations, days after a U.S. indictment against founder Gautam Adani sparked a multibillion-dollar selloff in the Indian conglomerate’s stocks.The group said Monday that each of its portfolio companies has sufficient liquidity to cover all debt-servicing requirements for at least the next year.Adani Group stocks fell sharply last week following news that its billionaire founder was charged by the U.S. Justice Department in a bribery scheme.U.S. prosecutors announced an indictment Wednesday alleging that Adani, the chairman of Adani Group, met with Indian officials to advance an illicit deal and secure contracts worth billions of dollars for a renewable-energy company owned by the conglomerate.Adani Group has denied the allegations, calling them baseless.Write to Kosaku Narioka at [email protected]

Billionaire Gautam Adani-led conglomerate assured its investors that the cash reserves and profits are enough to service the debt obligations of the Group, reported PTI. With a cash reserve of ₹53,024 crore,

Cash balances exceed long-term debt repayments for the next 28 months, while portfolio level cash balances were at $6.33 billion, the port-to-power conglomerate said in a report