Adani Total Gas said on Friday it has secured maiden financing worth $375 million, which it would use to expand its city gas distribution network. The firm, which is a joint venture between ports-to-power Adani Group and TotalEnergies SA.
India's growing city gas distribution market is expected to grow more than 10% annually between 2024 and 2029, as the country aims to expand city gas distribution network to make cleaner energy more accessible.
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Lenders BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corporation participated in Adani Total Gas's financing.
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The five banks made an initial commitment of $315 million, with an option to increase it, the company said in a statement.
The financing will help the company expand its gas network across 13 states, it added.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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