(Bloomberg) -- Indian billionaire Gautam Adani’s conglomerate is looking to raise roughly $400 million through the private placement of overseas bonds, according to people familiar with the matter. 

The US-currency deal by Adani Energy Solutions Ltd., with infrastructure assets as collateral, is expected to take place in the next three months, said the people, who asked not to be named because the discussions are confidential. 

The group’s ability to raise funds offshore has been under close scrutiny since the 2023 crisis triggered by shortseller Hindenburg Research’s allegations of malfeasance, which caused a selloff in its dollar bonds. Adani has repeatedly denied the claims. 

But since then the group, whose operations stretch from ports to coal, won new equity backing and also successfully refinanced $3.5 billion of debt taken out for the purchase of Ambuja Cements Ltd. and ACC Ltd. The conglomerate’s bonds have largely recouped their losses, further allaying concerns about Adani’s ability to raise funds. 

A spokesperson for Adani did not immediately respond to Bloomberg’s request for comment on Thursday. Adani Energy Solutions is in the power transmission business, formerly known as Adani Transmission. 

Separately, Adani Green Energy Ltd. and affiliated firms are looking to sell $409 million of bonds, with major international banks already mandated for the offering. 

--With assistance from P R Sanjai.

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