Adani Group is going on a $2.6 billion fund chase for its airport and green business

The Adani group is reportedly in talks with top sovereign funds based in Middle East to raise up to $2.6 billion to bolster its airport expansion and green hydrogen projects.

The group, according to a Business Standard report, has held a series of road shows in London, Dubai, and Singapore with potential investors.  

The timing of the fundraising has not been decided, but it is expected to hit the markets by mid-2024. 

In its representation to  potential investors, the group highlighted the recent rating upgrades by global rating agencies, including Moody’s and S&P. 

These agencies have reaffirmed ratings for all the Adani group companies and restored the ‘stable outlook’ of five entities.  

Fitch, too, has maintained the ratings of all issuers within the Adani complex with a stable outlook.  

The sprawling ports-to-power empire has trimmed debt, pared founders’ share pledges and landed major projects over the past year, helping to rebuild confidence among investors and lenders. Its stocks and bonds have recouped losses, and the group also won fresh equity capital from marquee investors including GQG Partners LLC. and Qatar Investment Authority.