Adani in talks with investors to raise $14.4b for expansion: Report
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BANGALORE - Indian billionaire Gautam Adani and his family are in early discussions with investors, including Singapore's Temasek and sovereign wealth fund GIC, to raise at least US$10 billion (S$14.4 billion) to fund Adani Group's expansion into clean energy, ports and cement businesses, India's Mint newspaper reported on Monday.
Mr Adani, who is chairman, said in September that the group will invest more than US$100 billion over the next decade, most of it in the energy transition business, as the 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 sources with direct knowledge of the 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 sources was cited as saying.
Citing the second source, the report also said the capital will be raised via multiple tranches and most likely through the sale of stakes in group companies or promoter group-associated entities.
When approached by The Straits Times, GIC declined to comment.
Adani Group did not respond to requests for comment from Reuters. Temasek said it does not comment on market speculation and rumours.
REUTERS
