Adani Group Plans To Spend $84 Billion On Infrastructure: Reports The billionaire Gautam Adani-led group will also decide on divesting its stake in Adani Wilmar
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Adani Group plans to spend $84 billion on infrastructure over the next decade, reported Bloomberg. The billionaire Gautam Adani-led group will also decide on divesting its stake in Adani Wilmar (ADAW.NS), its joint venture (JV) with Singapore's Wilmar International , in the next three months, said Jugeshinder Singh, the group's chief financial officer, on the sidelines of an event in Mumbai.
Singh's expenditure targets are part of Adani's strategy to attempt to draw a line over allegations made by Hindenburg Research in January after the short-seller accused the conglomerate of engaging in stock price manipulation and accounting malpractice. The company has strongly denied any wrongdoing. "Adani Group will also infuse money to repay its green energy arm's bonds maturing in September and December next year, potentially in July to avoid a prepayment penalty," Singh said, according to Bloombrg.
Reports suggested about 80% of the group's long-duration capital comes from the global capital market, while the remaining 20% of shorter-duration capital comes from the domestic market.
During an annual address to shareholders in July, Adani announced grand expansion targets across his ports, energy, and infrastructure businesses. The conglomerate aims to raise bonds via high-yield papers and private placements through its firms including Adani Ports and Special Economic Zone Ltd and Adani Energy Solutions Ltd next year. Earlier this month a US government development agency announced that it would provide more than $500 million in financial assistance to Adani's port terminal project in Sri Lanka.