October 27, 2023 [Reuters]- India’s Adani Group is looking to raise as much as $4 billion to fund its green hydrogen plans, Bloomberg News reported on Thursday.

Adani Enterprises’ unit Adani New Industries, which is in early-stage discussions with several lenders, will raise the money from domestic and international banks, the report said, citing people familiar with the matter.

The billionaire Gautam Adani-controlled Adani Group did not immediately respond to Reuters’ request for comment.

In September, French oil major TotalEnergies (TTEF.PA) said it will invest $300 million to form a joint venture with Adani Green Energy (ADNA.NS) to build renewable capacity in India.

Adani New Industries will conduct the fresh capital raise independent of Total, Bloomberg said.

A 1 million metric ton per annum green hydrogen facility in the western state of Gujarat will be among the first few projects to receive the capital, the report said.

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