Adani Total Gas Limited (ATGL) has secured $375 million in funding from global lenders to expand its business. “The first financing of $375 million executed with international lenders includes an initial commitment of $315 million with a line of credit to enhance commitments,” the company said in a statement.
Five international lenders participated in the initial financing. These include BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corporation. The joint venture of Adani Group and French energy company TotalEnergies said, the facility will accelerate the capital expenditure program. This will help ATGL to rapidly expand its city gas distribution (CGD) network across its 34 authorized geographical areas (GAs) in 13 states.
Parag Parikh, Chief Financial Officer, ATGL, said, “This financing structure will fuel ATGL's continued growth and will be a stepping stone for future financing based on its capital management plan which will create long-term value for all our stakeholders.”
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