Adani Group wants to raise 21,577 crore for green hydrogen projects and airport expansion.

  • Feb. 19, 2024, 12:38 p.m.

After emerging from the scandal involving Hindenburg Research, billionaire Gautam Adani's conglomerate Adani Group is now focusing on airport and green energy projects across the nation. According to Business Standard, Adani's company is attempting to raise $2.6 billion through prestigious Middle Eastern sovereign institutions to finance its green hydrogen initiatives.

According to the source, Adani Group is in advanced discussions to raise 21,577 crore to develop its airport business and make achievements in the green energy industry with sovereign funds situated in West Asia.

According to the article, which cited a source close to the development, Adani Enterprises, the flagship company of the Adani Group, may lower its ownership in either the airport-holding company or the green hydrogen business, or both, to raise investment cash. However, the company has not yet disclosed the funding schedule.

The report states that the funding should be completed by the middle of 2024. The airport management division of Adani Group has experienced significant growth in the past few years, securing several high-profile projects and looking for quick development with this latest capital round.

US investment brokerage Jefferies issued a "buy" rating on Adani last week, predicting that the company's airport division will witness annual EBITDA growth of 47% over the next four years.

The Adani Group raised capital in 2023 from several sources, including GQG Partners, TotalEnergies, and Qatar Investment Authority. The group said in January that as part of its seven trillion rupee expenditure plan for the next ten years, it would invest 624 billion rupees ($7.52 billion) in the Indian states of Maharashtra and Telangana.

Adani's recuperation from the Hindenburg scandal
When Hindenburg Research released a study claiming financial irregularities and stock manipulation within the company, calling for a thorough inquiry, Gautam Adani and his conglomerate Adani Group suffered a significant financial setback.

The billionaire's wealth was destroyed by more than $80 billion as a result of the group companies' stock plunging during the previous year.

Nonetheless, investor confidence has been restored by a Supreme Court decision that the group does not require further investigation, as well as investments from Abu Dhabi giant International Holding and U.S. boutique investment firm GQG Partners.

Following the verdict, Gautam Adani's net worth quickly increased, briefly overtaking Reliance CEO Mukesh Ambani to claim the title of richest person in Asia.

 

Author : Rajdhani Delhi Representative

Rajdhani delhi representative

Related News