Adani Total Gas secures $375 million to boost city gas distribution network

Adani Total Gas secures financing: Adani Total Gas Ltd, a joint venture between Adani Group and TotalEnergies, has secured its first-ever financing of $375 million. The funds will be used to expand the company's city gas distribution network across India.

Adani Total Gas, which competes with players like Gujarat Gas, Mahanagar Gas, and Indraprastha Gas, is set to benefit from the rapid growth of India's city gas distribution market.

Expanding gas distribution

The market is projected to grow by more than 10% annually from 2024 to 2029, as the country pushes for wider access to cleaner energy sources.

Leading financial institutions, including BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation, participated in the financing. 

An initial commitment of $315 million was made by these lenders, with an option to increase it further, according to the company’s statement.

This funding will support Adani Total Gas in expanding its distribution network across 13 states, enabling it to cater to the growing demand for city gas in India.

(With Reuters Inputs)