Adani Gas to raise $400 million to fund two-year capex requirement
The board of directors of Adani Gas has approved a plan to raise $400 million or Rs 3,000 crore in the US-denominated bonds to fund its capital expenditure requirement for the next two years, senior company management said in a conference call on Tuesday.
The company has a 10-year plan to invest Rs 9,000 crore on various city gas distribution and CNG projects. The company on its own and in a joint venture with state-owned Indian Oil Corp (IOC) has won city gas licence for 38 geographical areas spread over 71 districts in 15 states.
“The fund raised will go towards capital expenditure for the next two years as part of the 5-year capex plan,” said Suresh P Manglani, CEO of Adani Gas.
