Adani Group Raises Over $9 Billion In Last Four Years

The Adani Group stated on July 9, 2023 that it raised more than $9 billion in the last four years from some of the renowned global investors such as Qatar Investment Authority (QIA) and GQG Partners (GQG), according to a Business Today report.

Gautam Adani has raised $1.38 billion (Rs 11,330 crore) through stake sale in three group companies, taking the total capital raised over four years to $9 billion as the conglomerate draws interest from a cross-section of investors, as per the PTI report.

"In the most recent instance, Adani family has raised $1.38 billion (Rs 11,330 crore) through stake sale in the three portfolio companies - Adani Enterprises Ltd, Adani Green Energy Ltd and Adani Transmission Ltd," it said.

In a statement, the ports-to-energy conglomerate said it "is committed to raising capital to fulfill its 10-year roadmap of the transformative capital management program, which was formulated in 2016 to execute the plans for various portfolio companies.

"This ensures higher capital availability at the group level, for growth as well as near-term commitments of both debt and equity for the portfolio companies over the next 12-18 months," stated the PTI report.

In addition, the three portfolio companies have also received board approval for primary issuances through a share sale to investors as the group continues to build on a comeback strategy to emerge from allegations of fraud levelled by a US short-seller.

"In line with the group's capital management philosophy of enabling participation of strategic long term investors, Adani has attracted large-scale investments from the likes of Qatar Investment Authority (QIA), TotalEnergies (TTE) , International Holding Company (IHC), as well as GQG Partners (GQG) along with its co-investors Australia Super, Goldman Sachs, University of Texas, Delaware Public Employees Retirement System, Master Trust Bank of Japan, Missouri Education Pension Trust, Abu Dhabi Investment Authority, Universal Investment Luxembourg, New York State Common Retirement Fund and Employees Retirement System of Texas," it said.

QIA invested $452 million in ATL in February 2020 while TTE invested $3.3 billion in a joint venture with APSEZ, ATGL and AGEL in April 2019. IHC invested $2 billion AEL, ATL and AGEL in May last year and GQG invested $3.19 billion in AEL, ATL, AGEL and APSEZ this year, added the PTI report.

"The faith and confidence shown by these large global investors are proof of the underlying strength of the group's businesses and the Adani Group's commitment to the highest level of governance. Moreover, the success of the investment program also demonstrates the group's ability to raise funds across companies at each stage and achieve the stated goals," the statement said.