Gautam Adani is seeking to sell a stake in Ambuja Cement for about $450 million, the Financial Times reported on Friday, citing people familiar with the matter.
Adani on Thursday made a formal request to international lenders to sell 4% to 5% in Ambuja, his cement business, the report said.
The Adani Group did not immediately respond to a Reuters request for comment.
The embattled Adani Group last year acquired Holcim AG's cement businesses in India – Ambuja Cements and ACC Ltd – for $10.5 billion, its largest-ever acquisition.
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Adani's latest move comes as the group seeks to rebuild investor confidence and allay concerns about its debt by pre-paying loans, in the aftermath of a scathing U.S. short-seller report.
Hindenburg Research's report alleged stock manipulation and improper use of tax havens, and flagged "substantial" debt levels, which the group has denied.
{{/usCountry}}Hindenburg Research's report alleged stock manipulation and improper use of tax havens, and flagged "substantial" debt levels, which the group has denied.
{{/usCountry}}Gautam Adani and his family have prepaid all borrowings backed by his conglomerate Adani Group's shares, senior executives told investors at a meeting in London, Bloomberg News reported this week.
Ambuja Cements closed down 1.7%, while ACC ended down 0.7% on Friday.