Indian billionaire entrepreneur Gautam Adani and his family have initiated talks with top global private equity (PE) investors and wealth funds as they look to raise at least $10 billion in capital to facilitate the Adani Group’s massive expansion plans in areas of clean energy, ports and cement, per a Mint report.
The multinational company, headquartered in Ahmedabad, has held discussions with Singapore’s state-owned investment firm Temasek and sovereign wealth fund GIC, besides a slew of West Asian and American investors, the report added, citing two people with direct knowledge of the matter.
Talks are understood to be at a preliminary stage and the proposed deal structure is currently being worked out. The capital could be raised in tranches.
The Adani Group’s businesses span diverse segments, including port management, electric power generation, renewable energy, mining, airport operations, natural gas, food processing and infrastructure. The company is also planning to open a medical college, a hospital and a cricket stadium in Rajasthan with an investment of Rs 65,000 crore.
Adani recently made headlines when he climbed through the global wealth rankings, overtaking Amazon’s Jeff Bezos to take the No.2 slot on the Bloomberg Billionaires Index. He is the first person from Asia to rank among the top three.
Last last month, the Indian entrepreneur had said his company has earmarked over $100 billion for expansion in the next decade.
The other Indian conglomerate to have raised such a huge amount is the Reliance Group, which raked in over $24.8 billion for its Jio Platforms unit over 17 rounds — the last tranche was raised in 2020.
