The Adani group plans to sell 90 per cent stake in its financial services business to private equity firm Bain Capital for Rs 1,440 crore.
The company has been valued at Rs 1,600 crore with the management led by CEO Gautam Gupta holding 10 per cent stake in the company. Gupta will remain invested in the company. Bain Capital will invest an additional Rs 1,000 crore in the company after acquiring Adani’s stake, said a banking source.
An official announcement is expected any time, the source said. Adani Capital officials did not comment on the sale.
The Adani group plans to focus on its core business of infrastructure and prepay debt — both at the promoters level and at the listed entities level.
The group is currently busy commissioning the Navi Mumbai airport project and Ganga expressway projects. Last week, the Maharashtra government cleared the award of Dharavi redevelopement project to Adani group which would require investments of Rs 20,000 crore. The group is also setting up a copper smelter and PVC project.
The group’s three listed companies – Adani Enterprises, Adani Green Energy and Adani Transmission plan to raise Rs 33,000 crore by launching QIPs by the calendar year end.
First Published: Jul 22 2023 | 8:35 PM IST