Adani Group will probably drop plans to sell about US$500 million of bonds abroad, the Economic Times reported, citing two people with knowledge of the matter that it didn’t name.

The group will look into other ways to refinance the first tranche of US$4.5 billion of debt it used to buy ACC Ltd and Ambuja Cements Ltd, according to the report. The options include using internal accruals, it said.

Adani raised the debt last year via 14 global lenders, led by Standard Chartered plc, Deutsche Bank AG and Barclays plc, the Economic Times said.

An email sent to Adani Group seeking comment wasn’t immediately answered, according to the report. 

Adani Group has been thrown into turmoil after after fraud allegations by US short-seller Hindenburg Research.

  - Bloomberg