MUMBAI: Indian billionaire Gautam Adani is courting sovereign wealth funds to raise roughly $5 billion in equity across his sprawling business empire and reduce leverage, people familiar with the matter said.
The network of companies owned by Asia’s richest person has reached out to top officials at firms including Mubadala Investment Co and Abu Dhabi Investment Authority about investments, the people said, asking not to be identified as the information is private. Adani’s group is looking to other large investment funds in the Middle East as well as in Canada to invest, they said. The group has even discussed raising as much as $10 billion, one of the people said.
