The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Indian billionaire Gautam Adani is raising $2.5 billion from a deal that includes the sale of a minority stake in his renewables business to French energy giant Total SE, a transaction that may help the tycoon cut group debt.
Paris-based Total will acquire 20% of Adani Green Energy Ltd and a board seat as well as a 50% stake in a portfolio of operating solar assets with 2.35 gigawatts capacity, the company said on Monday in a statement. But shares of Adani Green have more than quadrupled in value in the past year in Mumbai, giving the company a market value of about $20 billion.
Adani is the latest Indian tycoon to raise money by selling a piece of his empire to an overseas partner, as rising consumption of electricity to fuels and mobile data makes the country an attractive destination for some investors.