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Adani New Industries Ltd. is in talks to raise up to $3 billion for capital investment as the ports-to-power conglomerate's arm seeks to become a significant participant in the country's green hydrogen push.
The company is in talks with a group of international lenders about the planned transaction and expects to raise the funds through offshore loans in two or three tranches over the next year, with the process beginning in June, according to sources.
The loan’s tenor could range from three to five years, with the pricing likely linked to the Secured Overnight Financing Rate, they said. Lenders discussing the credit facility with the company include DBS Bank, Deutsche Bank AG, First Abu Dhabi Bank PJSC, ING Bank NV, MUFG Bank and Standard Chartered Bank Plc.
Adani New Industries plans to begin production of clean fuel in 2027 in western Gujarat and could invest as much as $50 billion over 10 years, according to the company. Proceeds from the fundraising could be used to support this plan, the sources said.
Tycoons like Gautam Adani and rivals including Mukesh Ambani are firming up plans for clean hydrogen production as Prime Minister Narendra Modi pushes the technology as a significant part of India’s effort to hit net zero emissions by 2070.
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