Adani Group eyes $2.6 billion funding for green hydrogen, other infra projects
The Adani Group is forging ahead with its expansion plans – after overcoming the Hindenburg Research controversy – as the company is now setting its sights on green energy and other infrastructure projects across India. To fuel its green hydrogen initiatives in particular, Adani Group wants to secure $2.6 billion in funding from leading sovereign funds in the Middle East.
As per reports, the Adani Group is in advanced discussions with sovereign funds in the Middle East to secure about Rs 21,577 crore. Part of these funds would be allocated towards bolstering the group’s airport operations and advancing its green energy endeavors.
It has been revealed that in pursuit of investment, Adani Enterprises, the flagship firm of the group, may consider reducing its stake in either its airport holdings or the green hydrogen business, or potentially both.
The fundraising endeavor is anticipated to be finalized by mid-2024. In 2023, the Adani Group successfully raised funds from various entities, including the Qatar Investment Authority, TotalEnergies, and GQG Partners. Additionally, in January, the group announced plans to invest $7.52 billion in Maharashtra and Telangana, as part of its ambitious seven-trillion-rupee expenditure plan for the upcoming decade.
Adani On Recovery Path
Adani Group faced a significant blow to their wealth following the release of a controversial report by Hindenburg Research – which led to a loss of more than $80 billion in Gautam Adani’s wealth. Now the investor confidence is reviving following a Supreme Court ruling that determined the group did not warrant further scrutiny, coupled with injections of capital from Abu Dhabi conglomerate International Holding and US boutique investment firm GQG Partners.
