Indian billionaire Gautam Adani speaks during an interview in the western Indian city of Ahmedabad, Sept. 24, 2012. Photo by Reuters
The family of Indian billionaire Gautam Adani plans to sell stakes worth up to billions of dollars in their listed companies to fund conglomerate Adani Group’s expansion.
“The family is considering selling between 0.5% and 3% of shares [of the family holding] in various listed companies as part of portfolio management and balancing,” a group senior executive told Nikkei Asia on condition of anonymity.
Adani’s family owns around $125 billion in assets, including shares from 10 publicly traded companies.
Last week it sold shares worth $500 million in Ambuja Cements, the second largest cementer producer in India.
The family is set to offload its $912 million worth of shares from Adani Power, the largest private electricity producer in the country, in which it now holds a nearly 73% stake.
In total, Adani Group’s promoters are looking to sell $3.6 billion worth of shares in the next nine months, according to The Economic Times.
Adani Group is India’s largest airport operator and manages Mundra, the country’s biggest port.
It has been preparing to launch some new projects, including the under-construction Navi Mumbai International Airport in the suburb of Mumbai.
Shares of Adani Airport Holdings, which operates seven airports in the country, are set to be offered to the public by 2028.
The group aims to refinance between $3 billion and $4 billion in debt by the end of the financial year ending in March 2025 and intends to raise an additional $1 billion through various other debt instruments, Nikkei Asia reported.
Adani himself recently expressed interests to pour $2 billion in a port in central Vietnam.
He also wants to invest $2.8 billion in a thermal power plant, and to participate in the construction of two airports, including Long Thanh International Airport, which is set to be the biggest of its kind in Vietnam when completed.
