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India’s Adani set to raise $1bn from Middle East wealth fund

Head, Person, Face REUTERS/Amir Cohen
Gautam Adani-led Adani Enterprises raised $500 million through a qualified institutional placement last week

Adani Group, led by Indian billionaire Gautam Adani, is in advanced discussions with an unnamed sovereign wealth fund from the Middle East to raise up to $1 billion for its airports business, a news report said.

The first tranche of the fundraising will be finalised by the end of the fourth quarter of 2024, Economic Times, an Indian financial daily, reported citing informed sources.

This potential fundraising comes as the group’s flagship Adani Enterprises raised $500 million though a qualified institutional placement last week, which saw an order book of $1.5 billion, local media reported.

In July, the Abu Dhabi Investment Authority and Qatar Investment Authority invested in Adani Energy Solutions’ qualified institutional placement, which raised up to $1 billion.

In December 2023, Adani Energy Solutions formed a joint venture with Abu Dhabi’s Esyasoft Holdings to expand its smart meter business in India and globally.

Abu Dhabi conglomerate International Holding Company (IHC) invested $2 billion in three Adani Group firms, Adani Green Energy, Adani Energy Solutions, and Adani Enterprises in 2022.

IHC invested $400 million in Adani Enterprises’ public offer, which Gautam Adani later called off following the Hindenburg report In January 2023.