Indian conglomerate Adani Group finds itself in advanced talks once more with deep-pocketed Middle East wealth funds, this time to potentially raise up to $2.6 billion for the airport and green hydrogen expansion. People close to the situation say Adani Enterprises may loosen its grip on the airport or hydrogen assets to accommodate the capital injection.
Though precise timing remains in flux, the fundraising stands likely to launch by mid-2024 as Adani offers infrastructure investors keen on India a chance to place long-term bets. This latest moonshot funding round comes after Adani weathered last year’s short-seller storm that erased $150 billion in market value and forced course corrections.
A Supreme Court ruling and key investments from the likes of Abu Dhabi’s International Holding and US-based GQG Partners have helped restore market confidence. Adani has already tapped entities from the Qatar Investment Authority to France’s TotalEnergies for 2023 capital.
This month’s pledge to pour $7.5 billion into Indian states Maharashtra and Telangana in the coming decade further spotlights Adani’s relentless growth impulse. With airports and green hydrogen the next frontier, the billionaire-led conglomerate courts Middle East partners to aid its strategic ascent.
