Adani Enterprises Subsidiary Raises Rs 3,231 Crore (USD 394 Million) from Barclays and Deutsche Bank for Solar Module Manufacturing Facility.
In a significant boost to its business endeavours, an arm of Adani Enterprises has successfully secured Rs 3,231 crore (USD 394 million) from Barclays PLC and Deutsche Bank AG to meet its working capital requirements. The funds raised will be utilised by Adani New Industries Limited (ANIL), a wholly-owned subsidiary of Adani Enterprises, for establishing its integrated solar module manufacturing facility. ANIL aims to become a major player in the green energy sector, encompassing solar modules and wind turbine manufacturing.
According to a stock exchange filing, ANIL’s ecosystem raised the trade finance facility, allowing the company to move forward with its ambitious solar module manufacturing project. The successful fundraise signifies investor confidence in Adani’s vision for the renewable energy space.
At present, shares of Adani Enterprises Limited (AEL), the flagship company of the Adani Group, were trading 1.20 per cent higher at Rs 2458.45 apiece on the Bombay Stock Exchange (BSE) at 1:04 pm on Friday. The Adani Group is one of India’s largest business organisations, with interests in various sectors, including infrastructure, ports, power, green energy, and more. The group’s other prominent entities include Adani Ports & SEZ, Adani Transmission, Adani Power, Adani Green Energy, Adani Total Gas, and Adani Wilmar.
This recent funding success reinforces Adani’s commitment to making significant strides in the renewable energy domain and underlines its efforts to drive sustainable growth in India’s burgeoning clean energy sector.