New Delhi:
Adani Group’s city gas distribution (CGD) company Adani Total Gas (ATGL) has secured a place in the international financing framework. Adani Total Gas has received future funding based on its business plan. Global lenders have agreed to ATGL’s first funding of $375 million (about Rs 37 crore). An initial commitment of $315 million has been made under the agreement.
ATGL has signed an agreement with global lenders regarding the ‘overall financing framework’. This will help ATGL to secure funding in the future based on its business plan. International creditors such as BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corporation participated in the initial financing.
This expansion will accelerate the piped natural gas (PNG) and compressed natural gas (CNG) infrastructure. It will also prove helpful in creating an ecosystem for a gas-based economy. This exercise will also strengthen the government’s goal of increasing the share of natural gas in the energy basket from 6% to 15% by 2030.
ATGL CFO Parag Parikh said, “The participation of global creditors strengthens the potential of city gas distribution as a fuel. This funding will drive the continued growth of AGTL. It will also prove to be an important step for the future. This financing framework will lead to sustainable growth in AGTL. This financing has been received on the basis of our capital management plan. This will increase long term value for our stakeholders.”
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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