Adani Group companies tapped international debt markets with bond sales of more than $2bn and Adani Gas sold a 37.4 per cent stake to Total for a … Adani Enterprises Ltd., the biggest listed company in his group, had about $1.7 billion of consolidated debt as of March 2020, according to Brickwork Ratings. Watch Now Adani Group: Founded by Gautam Adani, the company does business in logistics, agribusiness and energy sectors, among other things. Adani Group's Inclusive Growth Story. Ltd. All rights reserved. Inevitably, comparisons have been drawn between the industrial empire of Mukesh Ambani and that of Gautam Adani but the two have followed different approaches. Karan Adani, CEO and Whole Time Director of APSEZ said, "The issuance is in line to the group’s capital management philosophy of re-engineering the capital structure and extending debt … In 2019, Adani started focusing on airports, and now he’s trying to enter sectors including data storage and financial services. It’s also Total’s third deal in a week in the renewables area, following the acquisition of a French biogas producer and of a stake in a large U.S. solar portfolio, underscoring mounting pressure from investors, governments and consumers on energy giants to reduce carbon dioxide emissions. Adani becomes infra juggernaut, but debt exposure remains a risk With the buyout of GVK's stake in Mumbai airports, the Gujarat-based group's presence in infrastructure is unmatched by any player, even globally, but debt exposure remains a risk In power, the group is present in all three verticals of generation, transmission and distribution. Adani Enterprises Ltd., the biggest listed company in his group, had about $1.7 billion of consolidated debt as of March 2020, according to Brickwork Ratings. Reliance Industries Ltd (RIL) has largely depended on acquisitions. However, the project was put on hold amid local opposition. The money was being raised for Adani Rail Infra Pvt Ltd, a company that has shown interest in running private trains in India, but that news was overshadowed by another announcement that the group was acquiring a controlling stake in the marque Mumbai airports from the GVK group. There have been brutal layoffs and pay-cuts. Adani Group companies tapped international debt markets with bond sales of more than $2bn and Adani Gas sold a 37.4 per cent stake to Total for a reported $600m, which gave it ample cash flow to weather the shock of the pandemic when it hit. Mumbai/Hong Kong/Paris: Indian billionaire Adaniis raising $2.5 billion from a deal that includes the sale of a minority stake in his renewables business to French energy giant Total SE, a transaction that may help the tycoon cut group debt. The winds of change were brought by Adani Group’s investments in infrastructure, education, health care facilities and more. The latest transaction marks Total’s third commitment to the Adani group. Unlike Ambani’s RIL, Adani has not been in a comfortable position when it came to funding his ambitions. “In the worst-case scenario, management could cut capex to only maintenance, which is about Rs 800 crore,” said Fitch in its report, suggesting that the debt overhang need not be serious. And international groups are queueing up to partner with the group. Paris-based Total will acquire 20% of Adani Green Energy Ltd. and a board seat as well as a 50% stake in a portfolio of operating solar assets with 2.35 gigawatts capacity, the company said Monday in a statement, confirming an earlier report by Bloomberg News. But shares of Adani Green have more than quadrupled in value in the past year in Mumbai, giving the company a market value of about $20 billion. Recently, the SB Adani Family Trust, representing the promoters, announced that it was pledging 1.01 per cent of its equity holding in Adani Ports and SEZ Ltd to raise Rs 430 crore from Credit Suisse AG. In these seven years, the Gautam-Adani founded Adani Group, with interests in ports, power, gas and other infrastructure, has seen its total debt double from Rs 69,201 crore to Rs 1.28 lakh crore. The proceeds are to be used for refinancing the debt of Krishnapatnam Port Company Limited (KPCL) and other debt, including early redemption of part of a US dollar bond due 2024. You have entered an incorrect email address! The latest transaction marks Total’s third commitment to the Adani group. Correct me if I … About $826 million is likely to be used to repay the existing debt of KPCL that had taken loans from a group of about 20 bankers. The Adani group, which started off as a commodities trader in 1988, has grown rapidly to become India’s top private-sector port operator and power generator. The … Adani Green is targeting 25 gigawatts of renewable capacity by 2025, the company said in a separate statement. “Renewable energy investment will have to be ramped up and oil and gas supermajors have set themselves fairly stiff targets,” said Debasish Mishra, a Mumbai-based partner at Deloitte Touche Tohmatsu. The rebuttal by the Adani Group comes after Dr Swamy had tweeted, "Trapeze Artist Adani now owes Rs 4.5 lakh crores as NPA to banks. Adani Enterprises Ltd., the biggest listed company in his group, had about $1.7 billion of consolidated debt as of March 2020, according to Brickwork Ratings. And buying out the controlling stake in the existing GVK-run airport in Mumbai, one of India’s two busiest airports, and even the upcoming Navi Mumbai airport. Besides, anti-coal activists have been campaigning against the project ever since, creating legal and financing problems for the company. Adani raises $2.5 billion from green deal with French energy giant Total, Why Ambani, Adani are in protesters’ crosshairs despite showing no interest in farm sector, Hong Kong experts recommend Pfizer vaccine as city tackles worsening winter outbreak, Rafale fighter jet to debut at Republic Day parade, Navi Mumbai airport, hit by lockdown & funds crisis, could be ready with one runway in 2023, Adani Wilmar halts Fortune ‘healthy’ oil ads after Sourav Ganguly suffers heart attack, Coronavirus likelier in air we breathe than surfaces touched — what scientists say we got wrong, Covaxin, Covishield not for everyone — manufacturers list who should avoid the Covid vaccines, Save Punjab from desertification, move paddy-wheat to UP, Bihar, Bengal — agronomist SS Johl. Consider: The group operates 11 ports and terminals along the coastline and has acquired rights to six airports - eight if the two Mumbai ones are included. In April, Total also invested Rs 3,707 crore for a 50 per cent joint venture with Adani Green, which houses 2,148 Mw of operating solar projects in 11 Indian states. Sustaining journalism of this quality needs smart and thinking people like you to pay for it. The Fitch article says Adani would use the Group’s funds to pay off the debt if it cannot be refinanced, and would do this for both of the senior secured notes. Adani Group denied allegations levelled by Rajya Sabha MP Subramanian Swamy claiming that the corporate group has outstanding loans to the tune of Rs 4.5 lakh crore. Whether you live in India or overseas, you can do it here. “Primarily, this fund infusion will help Adani lower its leverage,” said Chakri Lokapriya, chief executive officer at TCG Asset Management in Mumbai. The best of journalism is shrinking, yielding to crude prime-time spectacle. Adani is the latest Indian tycoon to raise money by selling a piece of his empire to an overseas partner, as rising consumption of electricity to fuels and mobile data makes the country an attractive destination for some investors. Adani Group to acquire GVK ADL debt, other investors’ stake for controlling interest in Mumbai airport GVK Airport Developers owns a 50.5 percent stake in MIAL. With six smaller and two big Mumbai airports in hand, this is bound to deteriorate. The amount owed by this group “called the Adani Group” both in terms of its long term and short term debt on Thursday is around Rs 72,000 crore, he added quoting reports. Total acquired 37.4 per cent in city gas distributor Adani Gas for around Rs 5,700 crore earlier this year and is expected to increase this to 50 per cent. In 2018, the Adani group’s total debt, according to Bloomberg data, was estimated at Rs 99,181 crore. “India is the right place to put into action our energy transition strategy based on two pillars: renewables and natural gas,” Total CEO Patrick Pouyanne said in the statement. It’s the power companies that have reported high levels of debt principally on account of the stressed 4,620 MW ultra mega Mundra power plant and its takeover of the Mumbai power retailing business. Adani’s evolution from a pure commodity player and exporter to a major infrastructure group has been primarily through greenfield ventures, whether it was the Gujarat Maritime Board approving the group’s captive jetty at Mundra in 1994 or in Australia’s controversial coal and transportation project. Nonetheless, it, too, started taking the relatively safer route of inorganic growth, such as buying out Krishnapatnam port earlier this year and Snowman Logistics in December 2019. It is divesting stakes only in new businesses of petroleum retailing and LNG terminals. Welcome to the White House, US President Biden. “India, given its increasing energy demand, renewable energy potential and policy intent, is an attractive investment destination.”. Adani Power had a debt burden of Rs.532 billion and suffered net loss of Rs.3.24 billion in the third quarter of 2017. Adani Enterprises Ltd., the biggest listed company in his group, had about $1.7 billion of consolidated debt as of March 2020, according to Brickwork Ratings. This entails an investment of Rs 45,000 crore at a time when companies are pulling away from power sector investment. Adani Green shares rose as much as 3.4% on Monday in Mumbai. Adani Group did not reply to ET’s query. This is the story of Mundra - a small village in Kachchh, which over the last two decades has transformed from a small sleepy village to a major hub of economic development. Adani Group on Saturday rebutted allegations of not paying bank loans saying it maintains an impeccable record of not a single NPA in three decades of its existence. The producer, which had close to 7 gigawatts of gross renewable power capacity at the end of last year, is targeting 35 gigawatts by 2025. "Upon the acquisition of the debt of GVK ADL, Adani Group will take steps to obtain necessary customary and regulatory approvals, as may be … Even in the Mumbai deal, the group is taking over the debt of GVK’s Airport Developers Limited, the holding company that owns 50.50 per cent equity in Mumbai International Airport Limited (MIAL), which in turn holds 74 per cent in the upcoming Navi Mumbai International Airport Limited. In addition to this, group-supported loans were at Rs … Adani Group on Monday said it had decided to acquire debt of GVK Airport Developers (GVKADL), the firm through which GVK Group holds 50.5% … Chairman Adani last year signaled there was room for founders to dilute their stake in the company and flagged global energy producers, including Total, were interested in investing as they expand their renewable portfolios. A look at the group’s six BSE-listed companies shows that its debt-to-equity ratio has been improving for its non-power business (see chart). The amount owed by this group "called the Adani Group" both in terms of its long term and short term debt today is around Rs 72,000 crore, he added quoting reports. Unlike RIL, the Adani group has not yet brought in any big stakeholders to refinance debt or expand. Reports suggest that the top corporates like Tata Group, Adani Group, Hinduja Group, and many others are weighing bids for the debt-ridden airline. “Thanks to a series of deals, Adani is highly leveraged at this point of time.”. Upon the acquisition of GVK ADL's debt, Adani Group will take steps to obtain necessary customary and regulatory approvals to acquire the controlling interest in MIAL, the company added. On July 13, Fitch Ratings assigned Adani Ports and Special Economic Zones (APSEZ) senior unsecured notes of up to $1.25 billion BBB- (minus) with a negative outlook. India Business News | Indian Stock Market News | Bollywood Movies | Indian Cricket News | India News, The real story behind Adani-Mumbai Airport deal, Challenges that Dinesh Khara, the new SBI chief faces, Indian economy to contract 10.5% in FY21: Fitch, Biden signs executive actions on COVID, climate change, US Vice President Harris swears in 3 new senators. NEW DELHI: Adani Group on Saturday rebutted allegations of not paying bank loans saying it maintains an impeccable record of not a single NPA in three decades of its existence. Through Adani Logistics, it has presence in most segments of the cargo business. Total, which invested $8 billion from 2016 to 2020 in battery manufacturing, power utilities, solar and wind projects, intends to increase spending on electricity and clean energy to become one of the top five renewable companies by the end of the decade. India needs free, fair, non-hyphenated and questioning journalism even more as it faces multiple crises.
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