Adani Electricity set to raise up to $1.5 billion abroad
MUMBAI: Adani Electricity Mumbai Ltd, the flagship power transmission and distribution company in Gautam Adani’s empire, is set to raise up to $1.5 billion in what could be one of the largest overseas borrowing exercises by an Indian company in the New Year.
The company, a subsidiary of Adani Transmission Ltd, is expected to raise about $1 billion via bonds and $400-500 million through syndicated loans, three people with direct knowledge of the matter told ET.
The proceeds will be used to expand capacity and refinance loans taken to fund the acquisition of Anil Ambani’s Mumbai power distribution company two years ago. Adani aims to reduce costs by tapping relatively cheap money available overseas. Currently, debt securities worth $11 trillion yield negative returns globally.
