Adani Total Gas Ltd, a joint venture between the Adani Group and French energy giant TotalEnergies, has announced that it has secured $375 million from global lenders to expand its business. The company said this is its first large international financing, with an initial commitment of $315 million that could be increased if needed.
Five major global banks — BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation — participated in this financing deal.
This funding will speed up Adani Total Gas’s expansion of its City Gas Distribution (CGD) network across 34 authorized geographical areas (GAs) in 13 Indian states. This expansion aims to serve up to 14% of India’s population, reaching more than 200 million people.
The company plans to increase the availability of piped natural gas (PNG) and compressed natural gas (CNG), helping to build a gas-based economy. Adani Total Gas is committed to promoting the use of PNG and CNG, which are more environmentally friendly and affordable compared to conventional fuels. These efforts also support the Indian government’s goal of raising the share of natural gas in the energy mix from 6% to 15% by 2030.
Parag Parikh, Chief Financial Officer (CFO) of Adani Total Gas, said that the participation of global lenders shows the confidence in the potential of city gas distribution as a transition fuel. He added that this financing will drive the company’s long-term growth and create value for its stakeholders.
