Adani Total Gas Ltd (ATGL), the equal joint venture between Adani Group and French energy major Total Energies, has raised Rs 3131 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 program enabling ATGL to rapidly expand its city gas distribution network into its 34 authorized Geographical Areas (GAs) across 13 states, the company said in a regulatory filing, adding that this development agenda shall 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,» ATGL said in a press statement.
Parag Parikh, CFO of ATGL said that this financing framework will drive ATGL’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 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.
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