Adani Group’s joint venture with EdgeConneX is in talks with about a half-dozen banks for a loan of about $220 million, which would be the group’s first offshore borrowing since short-seller Hindenburg Research targeted it.

Data centre provider AdaniConneX Private Ltd will use the money for capital expenditures, with a five-year term being discussed, according to people familiar with the matter. The loan could be signed in the next few weeks, they said.

The conglomerate, backed by Indian billionaire Gautam Adani, has been forced to reassess its ambitions after US-based Hindenburg accused it of stock manipulation and accounting fraud. While the group has denied the allegations, its stock and bond prices have plummeted.

Flagship Adani Enterprises Ltd in January shelved a plan to raise as much as Rs 1,000 crore ($121 million) in its first public bond sale.

Adani Green Energy Ltd, Adani Ports and Special Economic Zone Ltd and Adani Enterprises Ltd have not bought dollar bonds and loans since the report, data compiled by Bloomberg show.

Citing people familiar with the matter, Bloomberg reported late last month that Adani Group executives met with US investors as part of its plan to sell up to $1 billion in private placement bonds in two tranches this year.