Adani Total Gas raises over Rs 3,oo0 crore from global lenders to expand its city gas network
Adani Total Gas, the equal joint venture between Adani Group and French energy major Total Energies, has raised over ₹3,131 crore ($375 million) from BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corporation, the company said on Friday.
The facility will fast-track the capital expenditure programme enabling Adani Total Gas to rapidly expand its city gas distribution network into its 34 authorised geographical areas (GAs) across 13 states, the company said in a regulatory filing, adding that this development agenda will cater to up to 14% of India's population covering more than 200 million people.
«The maiden financing of $375 million executed with international lenders includes an initial commitment of $315 million with an accordion feature to enhance the commitments,» Adani Total Gas said in a statement.
Parag Parikh, CFO of Adani Total Gas, said this financing framework will drive the company's sustained growth and will be a stepping-stone for future financing based on its capital management plan, which will create a long-term value for all Adani Total Gas (ATGL) stakeholders.
The expansion will deepen the penetration of piped natural gas (PNG) and compressed natural gas (CNG) infrastructure, creating an ecosystem for a gas-based economy, the company added.
Stock Trading
Market 101: An Insight into Trendlines and Momentum
By — Rohit Srivastava, Founder
Stock Trading
Markets 102: Mastering Sentiment Indicators for Swing and Positional Trading
By — Rohit Srivastava, Founder
Stock
