Gautam Adani & Family Set for ₹8,300 Crore Investment in Adani Green Energy
In a substantial move towards bolstering environmental sustainability, billionaire Gautam Adani and his family are poised to make a colossal investment of $1 billion (approximately ₹8,340 crore) into Adani Green Energy, a report by Bloomberg revealed.
In a substantial move towards bolstering environmental sustainability, billionaire Gautam Adani and his family are poised to make a colossal investment of $1 billion (approximately ₹8,340 crore) into Adani Green Energy, a report by Bloomberg revealed.
The investment plan is aimed at fortifying Adani Green Energy’s operational capacity and expansion efforts. Sources familiar with the matter indicated that the investment involves issuing preferential shares to the company’s founders, emphasizing expansion and refinancing requirements. However, the finalization of the deal is pending.
Adani Green Energy is scheduled to convene a board meeting on December 26, intending to explore various fundraising avenues, including the potential issuance of shares or convertible securities. This strategic move aligns with the company’s ambition for growth, as highlighted in its recent exchange filings.
Notably, among Adani Group’s youngest firms, Adani Green Energy’s significant endeavors include managing the Kamuthi Solar Power Project in Tamil Nadu, recognized as one of the world’s largest solar photovoltaic plants.
With an ambitious target to achieve a 45-gigawatt capacity in green energy by 2030, Adani Green Energy is proactively addressing its financial obligations. The company is slated to encounter $1.2 billion in bond maturities next year, with detailed plans underway for their repayment.
The news of Adani Green Energy’s potential investment has reflected positively in the market, as the company’s shares surged by as much as 4.6% amid a broader market rally, mirroring gains in other Adani Group entities.
Earlier this month, Adani Green Energy secured a substantial $1.36 billion loan from an international consortium of banks, a move directed at fueling the expansion of its renewable power capacity.
However, amidst Adani Green Energy’s market success, certain other entities within the Adani Group faced substantial setbacks. Adani Ports & Special Economic Zone and Adani Enterprises experienced significant declines on a day when Sensex witnessed a sharp drop of 930 points.
While Adani Green Energy continues to drive forward with strategic investments and expansion plans, the broader performance of Adani Group companies underscores the dynamic nature of the market and its impact on individual entities within the conglomerate.
Sources By Agencies
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