Adani files for 20,000-cr FPO

New Delhi: Richest Indian Gautam Adani-led group's flagship firm on Wednesday filed an offer letter with stock exchanges for a proposed Rs 20,000 crore follow-on public offer (FPO).

The FPO of Adani Enterprises Ltd (AEL) is planned to open on January 27 and close on January 31, according to the offer letter. Of the Rs 20,000 crore proceeds of the FPO, Rs 10,869 crore will be used for green hydrogen projects, work at the existing airports and construction of a greenfield expressway. Another Rs 4,165 crore will go towards repayment of debt taken by its airports, road and solar project subsidiaries. Adani, 60, started off as a trader and has been on a rapid diversification spree, expanding an empire centered on ports and coal mining to include airports, data centers and cement as well as green energy. And AEL is the vehicle for most of the new business expansion. AEL is India's largest listed business incubator and breeds businesses in four core industry sectors - energy and utility, transportation and logistics, consumer, and primary industry. "We have, over the years, seeded new business interests for the Adani group, developed them into sizeable and self-sustaining business verticals and subsequently demerged them into independently listed and scalable platforms," it said. Its current business portfolio includes a green hydrogen ecosystem, data centers, developing airports, developing roads, food FMCG, digital, mining, defence and industrial manufacturing, among others.