S'pore financial sector's exposure to Adani Group limited so far

Banks have measures to manage exposures to borrowers and counterparties, says MAS

- Sue-Ann Tan

Singapore's exposure to beleaguered Indian conglomerate Adani Group appears to be limited so far, checks made by The Straits Times have shown.

This includes the local banking sector, where overall exposure to Adani Group is small, said the Monetary Authority of Singapore (MAS).

MAS was responding to queries from ST on Nov 25 in relation to Singapore's exposure to Adani Group, which is embroiled in a US indictment case.

Adani Group is India's largest conglomerate, with businesses globally spanning ports, airports, manufacturing and energy.

"Banks have in place measures to review and manage their exposures to borrowers and counterparties," an MAS spokesperson said.

Prosecutors in the US are alleging that Adani Group's chairman Gautam Adani, alongside seven others including his nephew, promised to pay bribes to Indian government officials to win solar energy contracts.