The Adani Group, an Indian multinational conglomerate, has announced that it has secured a $3 billion credit from a sovereign wealth fund. The move is expected to help the company finance its expansion plans.
According to sources familiar with the matter, the credit has been extended by a sovereign wealth fund based in the Middle East. The sources added that the credit has a tenor of five years and carries a competitive interest rate.
The Adani Group, which operates in a wide range of sectors including energy, logistics, and infrastructure, has been seeking to expand its business both domestically and internationally. The credit from the sovereign wealth fund is expected to help the company achieve its goals.
The Adani Group has been in the news recently due to its controversial proposed coal mine in Australia. The project has faced opposition from environmental activists and has become a political issue in Australia.
The credit from the sovereign wealth fund is expected to provide a boost to the Adani Group’s finances and help the company pursue its growth plans. It remains to be seen how the company will utilize the credit and what impact it will have on its business in the coming years.
Source : Reuters