Adani Enterprises in talks for $2bn mega fundraise

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, the Qatar Investment Authority, a BNP Paribas arm and TotalEnergies, 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 told ET.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 finalized in the next few quarters. 87317663The Adani Group, QIA and TotalEnergies SE did not respond to ET's queries. ADIA, Teachers', Apollo and BNP declined to comment. "SNAM is not involved in these alleged talks," said a company spokesperson. To be sure, SNAM has an existing Adani Group partnership, dating back about a year.The Gautam Adani-controlled Group has laid out a mega investment plan of up to $70 billion in the next 10 years to build and acquire renewable assets. About a fifth of the proposed outlay would be financed through internal accruals while the rest could be through a combination of different routes including foreign direct investments, loans and bonds. The share of Adani Enterprises' mining business will likely reduce to less than 10% as no new capital is expected to be allocated to coal, sources said.

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