According to sources familiar with the fund-raising, the Adani Group has begun discussions with global credit funds to raise up to $400 million in debt against assets of a key coal port that accounts for a large portion of the conglomerate's Australian exports of the controversial Carmichael mine.

The Adani family trust-controlled North Queensland Export Terminal (NQXT) is now being considered to help raise funds for the Adani Group, which has lost nearly $150 billion in market value since US short-seller Hindenburg Research published a report late last month alleging 'fraud' and'manipulation' of the conglomerate's stock price.