Adani Group eyes $1 billion in foreign currency bonds for expansion

Adani Group is in advanced talks with investors to raise as much as $1 billion through foreign currency bonds for three group entities: group flagship Adani Enterprises as well as Adani Ports and SEZ and Adani Green Energy, people familiar with the development said.

The fundraising, which will be the largest by the Adani group from international bond markets after the Hindenburg crisis, is expected to be completed by the June quarter, and a formal process is expected to start in the coming weeks, the people said, requesting anonymity. The group is also exploring partial fundraising through the private placement route, they added.

“Of the total amount, the highest allocation will be for Adani Green Energy, the group’s renewable energy business, which has 8.4 gigawatts of operating renewables portfolio and plans to expand the capacity to 45 gigawatts by 2030, “according to one of the people cited above. “The transaction will also mark the debut fundraise of the group’s Green Hydrogen (held under Adani Enterprises) unit from foreign bond markets,” the person said.

Moneycontrol reported on February 28 that the Adani group has embarked on a series of overseas roadshows for bondholders to bolster investor confidence around its businesses before fresh bond sales.