Adani sells stake in Mukesh Ambani-style deal to overseas partner

Jan 19 2021 10:42 AM
Adani sells stake in Mukesh Ambani-style deal to overseas partner

Billionaire Gautam Adani is raising USD2.5 billion through an agreement, ranging from the sale of a minority stake in his renewable business to French energy giant Total SE, a transaction that could help the tycoon cut group debt.

Paris-based Adani will acquire 20 pc of total Green Energy Ltd and a 50 pc stake in a portfolio of solar assets operating with a board seat as well as 2.35 GW of capacity, the company has said in a statement. But in the last one year in Mumbai, the price of Adani Green shares has more than quadrupled, giving the company a market value of around USD 20 billion.

Adani is the most current Indian tycoon to raise funds by promoting a piece of his empire to an overseas companion, as increasing consumption of electrical energy to fuels and mobile information tends to make the nation a desirable location for some investors. Last year, Mukesh Ambani - India’s richest man - mopped up about USD27 billion from Facebook Inc., Google and private-equity investors for his technologies and retail ventures.

The Adani group, which began off as a commodities trader in 1988, has grown quickly to grow to be India’s leading private-sector port operator and energy generator. In 2019, Adani began focusing on airports, and now he’s attempting to enter sectors like information storage and economic services.

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