Saturday, April 1, 2023
HomeEconomyGautam Adani in early talks with firms, investors to raise $10 billion...

Gautam Adani in early talks with firms, investors to raise $10 billion for expansion

Adani Group plans to invest more than $100 billion over the next decade, most of it in the energy transition business.

Text Size:

Bengaluru: Indian billionaire Gautam Adani and his family are in early discussions with investors, including Singapore investment firms Temasek and GIC, to raise at least $10 billion to fund its expansion into clean energy, ports and cement businesses, Mint newspaper reported on Monday.

Adani Group will invest more than $100 billion over the next decade, most of it in the energy transition business, its Chairman Adani said last month, as the ports-to-energy conglomerate accelerates an already aggressive expansion plan.

Adani family members and top group executives held talks with several potential investors, the report said, citing two people with direct knowledge of Adani Group and the Adani family’s plans.

Group promoters and top management were in Singapore last week after meeting West Asian and American investors, one of the people was cited as saying.

Citing the second person, the report also said that the capital will be raised via multiple tranches and likely through the sale of stakes in group firms or promoter group-associated entities.

Singapore’s sovereign wealth fund GIC and Adani Group did not immediately respond to requests for comment from Reuters. Temasek said it does not comment on market speculation and rumors.

Subscribe to our channels on YouTube & Telegram

Support Our Journalism

India needs fair, non-hyphenated and questioning journalism, packed with on-ground reporting. ThePrint – with exceptional reporters, columnists and editors – is doing just that.

Sustaining this needs support from wonderful readers like you.

Whether you live in India or overseas, you can take a paid subscription by clicking here.

Support Our Journalism

Most Popular