India's Adani in talks with investors to raise $10 billion- Mint
10/10/2022 04:43
BENGALURU, Oct 10 (Reuters) - Indian billionaire Gautam
Adani and his family are in early discussions with investors,
including Singapore investment firms Temasek and GIC, to raise
at least $10 billion to fund its expansion into clean energy,
ports and cement businesses, Mint newspaper reported on Monday.
Adani Group will invest more than $100 billion over the next
decade, most of it in the energy transition business, its
Chairman Adani said last month, as the ports-to-energy
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
people with direct knowledge of Adani 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
people was cited as saying.
Citing the second person, the report also said that the
capital will be raised via multiple tranches and likely through
the sale of stakes in group firms or promoter group-associated
entities.
Singapore's sovereign wealth fund GIC and Adani Group did
not immediately respond to requests for comment from Reuters.
Temasek said it does not comment on market speculation and
rumors.
(Reporting by Praveen Paramasivam in Bengaluru; Editing by
Dhanya Ann Thoppil)
((Praveen.Paramasivam@thomsonreuters.com; https://twitter.com/PraveenR_P
; +91 867-525-3569;))