Adani Group plans to raise $4 billion to fund green hydrogen plans

27 Oct 2023 , 09:01 AM

Gautam Adani’s Adani Group is looking to raise up to $4 billion to assist in the development of manufacturing units that will manufacture low-cost green hydrogen.

Adani New Industries Ltd., a wholly-owned subsidiary of Adani Enterprises Ltd., would take the lead in raising the funds from local and foreign banks, according to sources.

TotalEnergies SE of France and Adani stated in June that they want to invest $5 billion in India to manufacture green hydrogen and associated goods as the world’s third-largest polluter strives to decarbonize. Gautam Adani has previously stated that 75% of the group’s expected capital spending will be in green enterprises, and his companies aim to invest $20 billion in renewables, green component manufacturing, and associated infrastructure over the next decade.

As Prime Minister Narendra Modi attempts to establish India’s leadership in the shift to greener technologies, tycoons like Adani and his competitor Mukesh Ambani are betting on green hydrogen.

 

For feedback and suggestions, write to us at [e-mail]