Adani Group’s to raise $2.6 bln for expansion
The Indian Adani Group is actively discussing with sovereign funds in West Asia to secure up to $2.6 billion for airport expansion and green hydrogen projects, according to a late Sunday report by the Business Standard daily.
Adani Enterprises, the Adani Group’s flagship firm, might decrease its share in the airport-holding company, the green hydrogen venture, or both to attract investment funds, according to the report, which also stated that, while the fundraising schedule is still undecided, it’s anticipated to hit the market by mid-2024.
Billionaire Gautam Adani’s Companies are presenting investment opportunities to infrastructure funds interested in long-term investments in India, according to a banker involved in the process.
The report also mentioned that a previous allegation of misconduct by U.S. shortseller Hindenburg last year resulted in a $150 billion drop in Adani Group’s share value, causing the company to moderate its ambitious expansion plans.
The Supreme Court’s decision that the Adani Group doesn’t require additional scrutiny, along with investments from International Holding in Abu Dhabi and GQG Partners in the U.S., has rebuilt investor trust.
In 2023, the group secured funding from several sources, including the Qatar Investment Authority, TotalEnergies, and GQG Partners.
Adani announced in January its plan to invest 624 billion rupees ($7.52 billion) in the Indian states of Maharashtra and Telangana as part of its ten-year, seven trillion-rupee spending plan.
