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Adani Group Engages in Advanced Discussions to Secure $2.6 Billion Funding

19 Feb 2024 , 12:30 PM

The Adani Group is apparently in advanced talks with prominent sovereign entities in West Asia to seek finance of up to $2.6 billion. This prospective fund-raising attempt is part of the conglomerate's aspirations to expand airport infrastructure and green hydrogen projects, according to reports.

While the funding timeline has yet to be determined, experts believe the project might be available by mid-2024. According to unnamed sources, Adani Enterprises, the group's flagship entity, may consider diluting its stake in either the airport-holding firm or the green hydrogen business as part of the funding strategy to accommodate the participation of these sovereign funds interested in investing in India's infrastructure sector.

Adani Group has launched a series of roadshows in major financial cities such as London, Dubai, and Singapore. During these meetings, Adani executives have briefed potential investors on the company's future plans.

The business plans to achieve EBITDA of 80,000 Crore in the fiscal year ending March 31.

In presentations to potential investors, the business has highlighted recent credit improvements from global rating agencies such as Moody's and S&P. These agencies have not only confirmed ratings for all Adani group firms, but also restored a 'stable outlook' for five of them. Fitch Ratings has similarly affirmed the ratings of all Adani Group issuers, indicating a stable outlook.

This follows a rebound for the Adani Group, which faced substantial turbulence following Hindenburg Research's devastating study in January 2023. The investigation accused the ports-to-power complex of stock manipulation and accounting fraud, which resulted in a significant decrease in billionaire Gautam Adani's personal wealth, totaling approximately USD 60 billion.

Despite these obstacles, the firm has shown tenacity, gaining significant investments from GQG Partners, the Qatar Investment Authority (QIA), and the French energy behemoth TotalEnergies. Between March and August, GQG Partners purchased holdings in five Adani group firms totaling over USD 4.3 billion, while QIA and TotalEnergies invested USD 770 million in Adani Green Energy Ltd.

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