Bengaluru — India’s Adani Total Gas said on Friday it has secured maiden financing worth $375 million, which it would use to expand its city gas distribution network.The firm, which is a joint venture between ports-to-power Adani Group and TotalEnergies SA, competes with Gujarat Gas, Mahanagar Gas and Indraprastha Gas in India’s growing city gas distribution market.
The market is expected to grow more than 10% annually between 2024 and 2029, as the country aims to expand city gas distribution network to make cleaner energy more accessible.
Lenders BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corporation participated in Adani Total Gas’s financing.
The five banks made an initial commitment of $315 million, with an option to increase it, the company said in a statement.
The financing will help the company expand its gas network across 13 states, it added.
Reporting by Hritam Mukherjee in Bengaluru; Editing by Shreya Biswas – Reuters
