Adani to slow down on buying this year to focus on existing projects

India’s ports-to-power giant Adani Group will go slower on acquisitions this year as cost of capital has risen globally, the company said, signaling reduced dealmaking at the conglomerate which has rapidly grown by acquiring assets, Reuters reported.

Adani’s listed shares in India have clawed back some $50 billion in its market capital after a rout triggered by U.S. short-seller Hindenburg’s report alleging improper use of tax havens and flagging concerns over its debt levels. Adani called the report baseless, and has since garnered investor support and repaid debt.

Merger and acquisition activity has slowed globally amid a collapse in debt financing markets and stock market volatility. Global central banks have raised rates and forced many companies to abandon proposed acquisitions.

Led by billionaire Gautam Adani, the group rapidly expanded in recent years, with growth also fueled by as many as 30 acquisitions it did across key sectors. This included a $10.5 billion deal to buy cement assets from Swiss giant Holcim and the takeover of Indian TV network NDTV.