Adanis to invest 7 lakh crore in infrastructure over decade
This is the port-to-power conglomerate’s largest investment announcement since the stock market decline earlier this year, which was precipitated by a report from US-based short-seller Hindenburg Research.
NEW DELHI: The Adani Group, founded by billionaire Gautam Adani, intends to invest `7 lakh crore ($84 billion) over the next ten years, primarily on infrastructure, as announced on Friday by Group Chief Financial Officer Jaggesh Singh.
Following the stock market meltdown sparked by a report earlier this year from US-based short-seller Hindenburg Research, this is the largest investment made public by the port-to-power conglomerate.Singh said, “Our capital expenditure will increase to operate and develop infrastructure,” but he did not provide any information. Regarding plans for fundraising, Singh disclosed that Adani Ports and SEZ, Adani Green Energy, Adani Power, and Adani Enterprises’ roads and airports will shortly access the domestic bond market.
According to Singh, the domestic market provides 20% of the group’s shorter-duration capital, with the remaining 80% coming from the long-duration capital market. Within the next three months, the Adani Group will decide whether to sell its interest in the Adani Wilmar joint venture, according to the CFO. According to sources, the Group is in discussions to sell its whole 43.97% share in Adani Wilmar with a number of international consumer goods corporations. The FMCG company is a joint venture between Adani and the Wilmar group of Singapore, and it retails Fortune edible oil.
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