Adani Enterprises unit may sell up to 20% in IPO: Report

Adani Enterprises Ltd may sell up to 20% stake in a unit and use the proceeds to add energy assets, Bloomberg reported on Wednesday.

The energy-to-real-estate group may sell shares in Adani Mining Ltd in an initial public offering in London within the next two years, Gautam Adani, billionaire chairman of Adani Enterprises, told the news agency in an interview. An overseas listing will improve the company's "capability to raise funds for further fueling acquisitions", he said. Adani Enterprises could not immediately be reached for comment. The conglomerate, which also has interests in real estate and agroproducts, has been expanding across the world through acquisitions and tie-ups. Last month, the port operating arm of Adani, Mundra Port and Special Economic Zone, agreed to buy Abbot Point Coal Terminal in Australia for USD 2 billion in an all-cash deal to tap into growing coal traffic in overseas market.