An Adani group joint venture is reportedly in discussions with banks for an offshore loan as the troubled conglomerate looks to sew up its first overseas borrowing since short-seller Hindenburg accused the group of fraud more than two months ago.

According to a Bloomberg report, data centre provider AdaniConneX Private Ltd, a joint venture with EdgeConneX, is negotiating with around six banks to raise close to $200 million.

AdaniConneX is likely to take a five-year loan and will use the funds for capex purposes, the report said, adding it expects the deal to be signed in the next few weeks.

The Adanis have denied the Hindenburg charges.

A month ago, the Adanis received an equity commitment from abroad: the group raised nearly $1.90 billion from GQG Partners by selling partial stakes in four firms — Adani Enterprises, Adani Ports, Adani Transmission and Adani Green Energy.

Observers said if the group successfully negotiates the overseas loan, it may borrow from some of its other group companies.

While the Hindenburg report wiped out $135 billion in the market value of listed Adani firms, they have recouped some of their losses over the past few weeks.

Executives from the group have met bond investors, analysts and bankers, over the past three weeks in Singapore, Hong Kong, Dubai and the US to address concerns raised by the short-sellers report. The conglomerate is now focussing on cutting debt and investing only in committed projects, in a bid to conserve cash.

It has suspended work on a $4bn greenfield coal-to-polyvinyl chloride project at Mundra and scrapped a deal to buy a coal-based power plant for $850 million.

The Adanis have decided not to bid for a stake in state-backed energy trading firm PTC and are reportedly dialing back on aluminium and steel projects.

Speaking to analysts after the third quarter results of Adani Enterprises, top officials said it would not make any new commitments but will continue to invest in ongoing or committed projects such as the Navi Mumbai airport, roads and data centres.

The group is planning to continue its investments in the infrastructure sector, which includes energy and utilities, green hydrogen and transport and logistics portfolio. However, it will not bid for new road projects including hybrid annuity mode or EPC projects.

Late last month, Bloomberg reported that group executives met US investors as part of its plans to market privately placed bonds of as much as $1 billion in two tranches this year.

Cash chase

■ AdaniConnex seeks to raise $200m

■ Negotiations with six banks

■ First offshore loan since the Hindenburg report

■ GQG Partners bought equity in four companies