Adani Group to demerge hydrogen, airport, data center businesses by 2028: CFO
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In recent years, businesses such as ports, power and city gas were incorporated into AEL. These were later demerged as a listed entity. AEL currently has a new business called Hydrogen.
New Delhi. Billionaire industrialist Gautam Adani’s Adani Group plans to spin off businesses such as hydrogen, airports and data centers after achieving a certain level of investment between 2025 and 2028. Group Chief Financial Officer (CFO) Jugshinder Singh gave this information. The business ‘incubator’ for the Adani Enterprises (AEL) group is gearing up to raise Rs 20,000 crore through a follow-on public offering (FPO). In recent years, businesses such as ports, power and city gas were incorporated into AEL. These were later demerged as a listed entity. AEL currently has a new business called Hydrogen.
The group plans to invest $50 billion in the next 10 years across its value chain, rapidly growing airport sector operations, mining, data centres, roads and logistics. “These business areas have to achieve basic investment level and maturity before we can divest,” Singh told PTI. The group wants to be one of the lowest cost producers of hydrogen. Hydrogen is being considered as the fuel of the future with zero carbon emissions. Apart from this, the group is also betting big on the airport sector. In the coming years, the group intends to create the largest service base in the country outside government services. Gautam Adani (60) started off as a businessman.
He rapidly expanded his empire focused on ports and coal mining and today he has forayed into airports, data centers and cement as well as green energy sector. Adani is now also the owner of a media company. Singh said the objective of the follow-on share sale is to broaden the shareholder base by bringing in more retail, high net worth and institutional investors. AEL will use the funds raised from the FPO to finance hydrogen projects, expand airport facilities and build new expressways. With this, she will also be able to reduce her debt burden to some extent. The FPO of the company will open on January 27 and close on January 31. The company will sell shares under the FPO at a price range of Rs 3,112 to Rs 3,276 per share.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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