After days of negative sentiments and a massive crash in its stocks, the embattled Adani Group has received some positive news in the last two days. Earlier on Friday, international rating agency Fitch Ratings said there was no immediate impact on the ratings of the Adani entities and their securities following the adverse report by the US-based short-seller Hindenburg Research.
A day after this, the prestigious Science Museum in London indicated it will continue its association with the Adani Group. The Adani Group's Adani Green is the sponsor of the Science Museum, which is due to open this year. This sponsorship was announced in 2021.
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Ever since this association came to light, environmental activists have criticised the move as Adani Group is also involved in coal mining, and is one of the world's largest traders of fossil fuel.
The focus is once again back on this association as Adani has come under heavy scrutiny following Hindenburg's scathing report. However, a spokesperson for Science Museum has indicated that the sponsorship will continue.
"Adani Green Energy is the title sponsor of a landmark new Energy Revolution gallery at the Science Museum in London which will examine how the world can undergo the fastest energy transition in history to curb climate change," the spokesperson told Moneycontrol.
"The Gallery, which opens in late 2023, will explore the latest climate science and the energy revolution needed to cut global dependence on fossil fuels and achieve the Paris (Agreement) targets to limit global warming."
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The museum on its site states that the Adani Green Energy Gallery will explore the latest climate science and the energy revolution needed to cut global dependence on fossil fuels and achieve the Paris targets to limit global warming to around 1.5 degrees Celsius above pre-industrial levels.
The Adani Group has been rocked by fraud allegations by Hindenburg as the shares of its several group companies crashed nearly 60 per cent in just seven sessions.
However, a statement from the rating agency calmed the highly volatile markets. The statement said there was no immediate impact on the ratings of the Adani companies and it expected no material changes to its forecast cash flow.
"There are also no near-term significant offshore bond maturities – earliest in June 2024 for Adani Ports and Special Economic Zone Limited; December 2024 for Adani Green Energy Limited; and 2026 or beyond for all other entities – reducing refinancing risks and near-term liquidity risks," the statement said.