Adani Total Gas Secures USD 375 Million Funding for Expansion

Adani Total Gas Ltd, a joint venture between Adani group and TotalEnergies, has secured USD 375 million in funding from global lenders to expand its city gas distribution network across 34 geographical areas in India. The move aims to deepen the infrastructure for piped and compressed natural gas, aligning with India's energy transition goals.

Adani Total Gas Ltd, the city gas venture of the Adani group and French conglomerate TotalEnergies, announced on Friday that it has obtained USD 375 million in funding from international lenders to expand its operations.

Initial commitments totaled USD 315 million, with potential for increased commitments through an accordion feature, according to the firm's statement. Lenders participating include BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation.

This funding will expedite ATGL's capital expenditure program, allowing for rapid expansion in 34 authorized geographical areas across 13 states. The initiative aims to enhance the reach of piped and compressed natural gas, benefiting up to 200 million people and supporting India's goal to increase natural gas usage.

(With inputs from agencies.)