Adani Enterprises' Rs 20,000 crore FPO to fund green capex, debt payback

Rs 11,000 crore will be invested in green hydrogen and airport projects, Rs 4,100 cr for retiring debt

Dev Chatterjee Mumbai

The company said it is expanding its solar manufacturing wherewithal to backward-integrate wholly.

Adani Enterprises (AEL), flagship company of ports-to-energy conglomerate Adani Group, will use the proceeds from its follow-on public offering (FPO) to invest Rs 11,000 crore in capital expenditure towards the green hydrogen and airport projects and another Rs 4,100 crore in retiring debt of road, airport, and solar projects, the company said in its prospectus.
The Rs 20,000-crore FPO, which opens for subscription on January 27 and closes on January 31, will give investors the option to pay 50 per cent with the application and the rest over two instalments.
The company said it is setting up a fully integrated green hydrogen ecosystem to enable access to low-cost renewable power, produce low-cost green hydrogen at scale, and manufacture downstream products.
The group had announced its ambitious target to invest $70 billion by 2030 in green energy, including green hydrogen.
The company said it is ex

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First Published: Jan 18 2023 | 6:23 PM IST

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