Billionaire Gautam Adani and his family are in early discussions with investors including Singaporean investment firms Temasek and GIC to raise at least $10 billion to fund its expansion into clean energy, ports and cement businesses, the Mint newspaper reported on Monday.
Adani Group will invest more than $100 billion over the next decade, most of it in the energy transition business, its chairman Adani said last month, as the port-to-energy conglomerate accelerates an already aggressive expansion plan.
Adani family members and top group executives held talks with several potential investors, the report said, citing two people with direct knowledge of the Adani Group and the Adani family’s plans.
Group promoters and top management were in Singapore last week after meeting West Asian and US investors, one of the people was quoted as saying.
Citing the second person, the report also said the capital will be raised via multiple tranches and likely through sale of stakes in group companies or promoter-group associated entities.
Singapore’s sovereign wealth fund GIC and Adani Group did not immediately respond to requests for comment from Reuters. Temasek said it does not comment on market speculation and rumours.