Adani eyes airport unit IPO by 2027, accelerates $100 billion capex pace, Bloomberg News reports
June 12 (Reuters) - Billionaire Gautam Adani's group is planning to list its Adani Airports unit by 2027, as part of a growth plan that requires investing $100 billion across businesses over the next few years, Bloomberg News reported on Wednesday.
The unit is set to be spun off and listed by March 2027, the report said, citing Adani Group executives who spoke on the condition of anonymity.
Adani Airports operates eight airports across India, including the Navi Mumbai International Airport, located in the outskirts of India's financial hub, which the company expects will be operational soon.
The company also doubled the pace of its capital spending plan and now expects to allocate $100 billion in five to six years instead of spreading it out over a decade as announced before, the report added.
The airport unit secured a $750 million investment last week from a consortium of international banks. Part of the funds will be used to refinance debt of $400 million.
Reuters could not immediately verify the report, and Adani Group did not immediately respond to a request for a comment.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
35 minutes ago
- Reuters
Meta finalizes investment in Scale AI, valuing startup at $29 billion
June 12 (Reuters) - Meta Platforms (META.O), opens new tab has finalized an investment in Scale AI that values the startup at over $29 billion, Scale AI said on Thursday. Scale CEO and co-founder Alexandr Wang will join Meta to work on its AI efforts, with Scale's chief strategy officer, Jason Droege, to serve as its interim CEO, Scale AI added. Two sources familiar with the matter said that Meta's investment in Scale AI is $14.3 billion. The sources said that Wang will join a new "superintelligence" unit inside Meta to achieve artificial general intelligence (AGI), a term that refers to machines that can match or surpass human capabilities.
Reuters
an hour ago
- Reuters
Dollar and other safe havens rise as Israel strikes Iran
June 13 (Reuters) - The U.S. dollar rallied alongside the safe-haven Japanese yen and Swiss franc, with currency markets abruptly reversing direction on news Israel had launched strikes on Iran. Israel has begun carrying out strikes on Iran, two U.S. officials told Reuters, adding that there was no U.S. assistance or involvement in the operation. Another report suggested that explosions were heard northeast of Iran's capital Tehran. An index that measures the dollar against six other currencies gained 0.4%, and was last at 98.07, in early Asia trading. Against the yen, the dollar slipped 0.35% to 143 per dollar , while the Swiss franc tumbled 0.39% to 0.807 per dollar. Risk-sensitive Asian currencies such as the Aussie dollar and the New Zealand dollar weakened 0.9% each. Earlier in the week, the dollar index hit multi-year lows as investors were not impressed by a U.S.-China trade truce, while cooler-than-expected inflation data fuelled expectations of more aggressive interest rate cuts by the Federal Reserve. The dollar is on track for weekly declines against the yen, the Swiss franc and the euro. Crude prices , jumped more than $4 on the news as investors priced in potential supply disruptions from the oil-rich region, while gold prices climbed 0.8% to their strongest since early May.
BBC News
an hour ago
- BBC News
New inflation figures 'good news' for markets
David Laut, Chief Investment Officer at Abound Financial says investors should take comfort in the latest CPI inflation figure and look at the bigger economic picture.
