The Adani Group on Sunday said it has raised over $9 billion in the last four years from some of the leading global investors such as Qatar Investment Authority (QIA) and GQG Partners (GQG). The group, which came under fire in January this year after a damning report by the US-based short-seller Hindenburg Research, has attracted investments across various listed entities - Adani Ports and Special Economic Zone Limited (APSEZ), Adani Green Energy Limited (AGEL), Adani Transmission Limited (ATL), Adani Total Gas Limited (ATGL) and Adani Enterprises Limited (AEL).
In a statement, Gautam Adani-led conglomerate said it has attracted large-scale investments from the likes of Qatar Investment Authority (QIA), TotalEnergies (TTE), International Holding Company (IHC), as well as GQG Partners (GQG) along with its co-investors Australia Super, Goldman Sachs, and the University of Texas.
The group has also secured investment from the Delaware Public Employees Retirement System, Master Trust Bank of Japan, Missouri Education Pension Trust, Abu Dhabi Investment Authority, Universal-Investment Luxembourg, New York State Common Retirement Fund, and Employees Retirement System of Texas.
In the most recent instance, the Adani family has raised $1.38 billion through stake sale in the three portfolio companies — AEL, AGEL, and ATL. "This ensures higher capital availability at the group level, for growth as well as near-term commitments of both debt and equity for the portfolio companies over the next 12-18 months. In addition, the three portfolio companies have also received board approval for primary issuances."
The port-to-power conglomerate, which has witnessed some recovery in its shares in the recent past, said the faith and confidence shown by these large global investors are proof of "the underlying strength of the group's businesses and the Adani Group’s commitment to the highest level of governance".
A similar stake sale by the family in March 2023 aggregating to $1.87 billion resulted in full prepayment of margin-linked, share-backed financing and created flexibility in a rising rate environment to equitize debt capital as and when due, the company said. "Adani is committed to raising capital to fulfill its 10-year roadmap of the transformative capital management program, which was formulated in 2016 to execute the plans for various portfolio companies."