India’s Adani in talks with GIC, Temasek and other investors to raise US$10b: report

INDIAN billionaire Gautam Adani and his family are in early discussions with investors, including Singapore investment firms Temasek and GIC, to raise at least US$10 billion to fund its expansion into clean energy, ports and cement businesses, Mint newspaper reported on Monday (Oct 10).

Adani Group will invest more than US$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 rumours. REUTERS

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