Posted on October 11, 2022
Indian billionaire Gautam Adani and his family are in early talks with investors including Singapore’s sovereign wealth fund GIC Pte and Temasek Holdings Pte to raise at least $10 billion to fund the group’s expansion in clean energy and ports, Mint reported.
Adani is also talking to other wealth funds and private equity firms about the fundraising, Mint said, citing two people with direct knowledge of the matter. The funds are expected to be raised in multiple tranches, including through the sale of stakes in Adani Group firms, one of the people said.
Adani has climbed through the global wealth rankings this year, last month peaking at No.2 on the Bloomberg Billionaires Index when he overtook Jeff Bezos. He has since slipped back to fourth, with an estimated wealth of $125 billion.
India’s largest private-sector port and airport operators, city-gas distributor and coal miner are all part of Adani’s empire, which also aims to become the world’s largest renewable-energy producer. Last year, it pledged to invest $70 billion in green power, a pivot that has been criticized by some as greenwashing given that so much of the group’s revenue still comes from fossil fuels.
Spokespeople for GIC and Temasek declined to comment to Mint, while a spokesperson for Adani Group didn’t respond to an email sent from the media outlet.
