Adanis to spend Rs 7 lakh crore on infra over decade- The New Indian Express

By Express News Service

NEW DELHI: Billionaire Gautam Adani-led Adani Group is planning to spend `7 lakh crore ($84 billion), mainly on infrastructure, over the next decade, said Jugeshinder Singh, Group chief financial officer of Adani Group on Friday. 

This is the biggest investment announced by the port-to-power conglomerate after the stock rout caused by a report by US-based short-seller Hindenburg Research earlier this year.  “Our capex will go up to run and develop infrastructure,” Singh said, without disclosing further details. On fundraising plans, Singh informed that Adani Ports and SEZ, Adani Green Energy, Adani Power and within Adani Enterprises, airports and roads will soon tap the domestic bond market in near future.

About 80% of the group’s long-duration capital comes from the global capital market, while the remaining 20% of shorter-duration capital comes from the domestic market, Singh said. The CFO said Adani Group will take a call on the divestment of its stake in the Adani Wilmar joint venture within the next three months. As per reports, the Group is in talks with various multinational consumer goods companies to divest its entire 43.97% stake in Adani Wilmar. The FMCG firm, which retails Fortune edible oil, is a JV between Adani and Singapore’s Wilmar group. 

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