India’s richest billionaire, Gautam Adani is in discussion with Temasek, Sovereign wealth fund GIC Singapore, and other private equity and wealth funds for raising approximately $10 billion for supporting its expansion program in cement, ports, and clean energy businesses.
According to the reports, the Adani Group promoters and other top management officials met some American and West Asian investors separately during their Singapore visit last week. Bigger firms may launch joint ventures with the Adani Group, while small investors might gain small stakes, during the process of raising capital through the sale of stocks.
Gautam Adani said in his speech, “We will invest over $100 billion of capital in the next decade. We have earmarked 70 percent of this investment for the energy transition space. We are already the world’s largest solar player and intend to do far more. It is our commitment to investing $70 billion in an integrated hydrogen-based value chain.”
The 20GW renewables portfolio includes building a Ten GW silicon-based photovoltaic value chain that will be backward-integrated from raw silicon to solar panels, and also a Ten GW integrated wind turbine manufacturing facility.
