The Adani group was courting sovereign wealth funds to raise roughly $5 billion in equity across its sprawling business empire and reduce leverage, people familiar with the matter said.
The network of companies owned by Asia’s richest person Gautam Adani had reached out to top officials at firms including Mubadala Investment and Abu Dhabi Investment Authority, the people said, asking not to be identified as the information is private. Adani’s group was looking to other large investment funds in West Asia as well as in Canada to invest, they said.
The group had even discussed raising as much as $10 billion, one of the people said. The group’s flagship firm Adani Enterprises was considering issuing $1.8 billion to $2.4 billion in new shares next year, Bloomberg reported Tuesday.
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