Prof. Naseem Abidi
Indian billionaire Gautam Adani is raising $2.5bn from a deal that includes the sale of a minority stake in his renewables business to french energy giant Total, a transaction that may help the tycoon cut group debt. Paris-based Total will acquire 20 per cent of Adani Green Energy and a board seat as well as a 50 per cent stake in a portfolio of operating solar assets with 2.35 gigawatts capacity, the company said. Shares of Adani Green have more than quadrupled in value in the past year in Mumbai, giving the company a market value of about $20bn. “Primarily, this fund infusion will help Adani lower its leverage,” said Chakri Lokapriya, chief executive at TCG Asset Management in Mumbai. “Thanks to a series of deals, Adani is highly leveraged at this point of time.”
Source: https://www.thenationalnews.com/business/money/billionaires-gautam-adani-will-raise-2-5bn-from-a-renewables-deal-with-total-1.1151951