India’s Adani in Talks with Investors to Raise $10 Billion: Report
BENGALURU:
Billionaire Gautam Adani and his family are in early talks with investors, including Singaporean investment firms Temasek and GIC, to raise at least $10 billion to fund expansion into clean energy, ports and cement companies, the Mint newspaper reported Monday.
Adani Group will invest more than $100 billion over the next decade, most of it in the energy transition, chairman Adani said last month as the port-to-energy conglomerate accelerates an already aggressive expansion plan.
Members of the Adani family and top executives of the group have held talks with several potential investors, the report said, citing two people with direct knowledge of the Adani Group and the Adani family’s plans.
The group’s promoters and top management were in Singapore last week after meeting with West Asian and US investors, one of the people said.
Citing the second person, the report also said that the capital will be raised through multiple tranches and likely through the sale of interests in group firms or promoter group affiliates.
Singaporean sovereign wealth fund GIC and Adani Group did not immediately respond to requests for comment from Reuters. Temasek said it will not comment on market speculation and rumours.