Gulf sovereign wealth funds may significantly increase Adani Enterprises FPO’s business.
Adani Enterprises, an Indian conglomerate, is planning a follow-on public offering (FPO) and Gulf sovereign wealth funds (SWFs) may significantly increase the size of the deal.
The FPO, which could raise up to $2 billion, would be one of the largest in India in recent years. Adani Enterprises is the flagship company of the Adani Group, a diversified conglomerate with interests in energy, commodities, logistics, and infrastructure.
If successful, the FPO would provide a much-needed boost to the Indian economy, which has been struggling in recent months. In addition, it would be a positive development for the Adani Group, which has been embroiled in controversy over its proposed Carmichael coal mine in Australia.
The Gulf SWFs, which have been major investors in the Adani Group in the past, are reportedly interested in increasing their stake in the company. This would be a vote of confidence in the Adani Group and would help to reduce the risk associated with the FPO.
The Adani Group has been working hard to raise capital for its various businesses, and the FPO would be a significant step forward. However, the success of the deal depends on the willingness of Gulf SWFs
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