BENGALURU: India’s Adani Group is looking to raise as much as $4 billion to fund its green hydrogen plans, Bloomberg News reported on Thursday.
Adani Enterprises’ unit Adani New Industries, which is in early-stage discussions with several lenders, will raise the money from domestic and international banks, the report said, citing people familiar with the matter.
The billionaire Gautam Adani-controlled Adani Group did not immediately respond to Reuters’ request for comment.
In September, French oil major TotalEnergies said it will invest $300 million to form a joint venture with Adani Green Energy to build renewable capacity in India.
Adani New Industries will conduct the fresh capital raise independent of Total, Bloomberg said.
A 1 million metric ton per annum green hydrogen facility in the western state of Gujarat will be among the first few projects to receive the capital, the report said.
The facility is slated to start production in 2027, according to the report.