Adani Enterprises the flagship entity of the Adani Group is in talks with at least half a dozen sovereign and global pension funds and energy majors, such as the Abu Dhabi Investment Authority (ADIA), the Qatar Investment Authority (QIA), a BNP Paribasarm and Total Energies SE, to raise up to $2 billion in equity sales.
Other potential investors include international energy infra operator SNAM, the Ontario Teachers’ Pension Plan and Apollo Global, two top investment banking sources familiar with the matter. The proposed fundraising is part of the Adani Group’s broader plan to make Adani Enterprises a sustainable energy major while decarbonising transportation and industrial sectors and help achieve India’s green objectives.
“The proposed equity sale could be in the range of 5-10%,” said one of the banking sources cited above. The deals are likely to be finalised in the next few quarters.