According to the Mint newspaper on Monday, billionaire Gautam Adani and his family are in preliminary talks with investors, including Singapore investment giants Temasek and GIC, to raise at least $10 billion to finance their development into the renewable energy, ports, and cement industries.
Adani Group’s Chairman Adani said last month that the ports-to-energy conglomerate would increase an already aggressive development strategy by investing more than $100 billion over the following ten years, most of it in the energy transition industry.
According to the article, which cited two sources with intimate knowledge of the Adani Group and the Adani family’s plans, top group executives and members of the Adani family met with a number of possible investors.
Following meetings with American and West Asian investors, group promoters, and top management in Singapore last week, one of the sources was reported as saying.
According to the article, which also cited the second source, the money would be raised in several installments and most likely through the sale of holdings in group companies or businesses connected to the promoter group.
GIC, the sovereign wealth fund of Singapore, and the Adani Group did not immediately reply to Reuters’ requests for comment. Temasek stated that it does not comment on market rumors and speculation.