Adani Group to list airports, four other units

Adani Group to demerge more business, list airports, 4 other units

Photo : BCCL

According to Singh, Adani New Industries, Adani Airport Holdings, Adani road Transport would become independent units. Adani Connex Private Limited, group’s metal and mining unit will also become independent units.

“The criteria is for these businesses to achieve a basic investment profile and experienced management by 2025-28, which is when we plan to demerge them,” Singh told news agency Reuters. The company is also aiming to become the largest services base via its airport business.

Singh dismisses concerns over debt accumulation

Dismissing the concerns over debt accumulation, Singh said that Adani Group’s total gross debt rose 40 per cent to 2.2 trillion rupees in financial year ending March 31, 2022. “Nobody has raised debt concerns to us. No single investor has. I am in touch with thousands of high net worth individuals and 160 institutions and no one has said this,” Singh said.

The development comes even as Adani, world’s third-richest man according to Forbes, is set to raise $2.5 billion through a follow-on public offer (FPO). “We don’t go to market if we are not sure of raising the full amount ($2.5 billion),” Singh said, Reuters quoted.