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According to certain reports, Gautam Adani and his family are currently in talks with investors to raise funds to the tune of $10 billion.
According to the reports, the Adani Group and its executives were in talks with investors like Temasek, GIC, and other private equity fund managers to fund the group's ambitious expansion plans in its clean energy, ports, and cement businesses.
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The capital will be reportedly raised in tranches through the sale of stakes in group firms or promoter group-associated entities. Small investors will be looking forward to gaining small stakes in the Adani Group while bigger investors may soon launch JVs with the group, according to reports.
"They (Adani Group promoters and top management) were in Singapore last week. Earlier, they separately met West Asian and American investors. Talks are still on. Hopefully, $10 billion should be easy to raise. The only issue is that since the capital raising is through equity sales and most of the Adani firms’ shares are steadily rising, pricing of deals will be critical," an anonymous source reported.
A few weeks ago, Gautam Adani announced an investment of $100 billion over 10 years, 70% of which was earmarked for investment in the renewables business. The group has plans to expand its renewable energy portfolio to 45GW from its existing 20GW.
Adani Group and GIC have not commented on the matter. Temasek has said that it does not comment on market speculation and rumors.
Article by Aman Agarwal.
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