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The Adani Group is reportedly engaged in advanced discussions with prominent sovereign funds based in West Asia to secure funding of up to $2.6 billion. This potential funding is part of the conglomerate's expansion strategy for its airport infrastructure and green hydrogen projects, as per a report by Business Standard.
Although the exact timeline for the fundraising remains undecided, analysts anticipate that the initiative could enter the market by mid-2024. As part of its funding strategy, Adani Enterprises, the group's flagship entity, may contemplate reducing its stake in either the airport-holding firm or the green hydrogen business to accommodate the participation of these sovereign funds, which are eager to invest in India's infrastructure sector, sources familiar with the matter revealed.
The Adani Group has been conducting a series of roadshows in key financial hubs such as London, Dubai, and Singapore. During these engagements, Adani executives have been briefing potential investors about the company's future plans and investment opportunities.
The group aims to achieve an EBITDA of ₹80,000 crore in the current financial year ending on March 31.
In presentations to potential investors, the group has highlighted recent rating upgrades by global rating agencies such as Moody’s and S&P. These agencies not only reaffirmed ratings for all Adani group companies but also restored a ‘stable outlook’ for five entities. Fitch Ratings has similarly upheld the ratings of all issuers within the Adani conglomerate, maintaining a stable outlook.
This development follows a remarkable resurgence for the Adani Group, which navigated significant turbulence following a critical report by Hindenburg Research in January 2023. The report accused the ports-to-power conglomerate of stock manipulation and accounting fraud, resulting in a substantial decline in billionaire Gautam Adani's wealth, wiping out nearly USD 60 billion.
Despite these challenges, the group has demonstrated resilience and attracted substantial investments from entities such as GQG Partners and Qatar Investment Authority.
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