India's Adani Total Gas gets $375 mln financing, will expand distribution network

Indraprastha Gas

20/09/2024 16:00

BENGALURU, Sept 20 (Reuters) - India's Adani Total Gas
 ADAG.NS  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  TTEF.PA , competes with
Gujarat Gas  GGAS.NS , Mahanagar Gas  MGAS.NS  and Indraprastha
Gas  IGAS.NS  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  BNPP.PA , 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)
 ((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))