India's Adani Total Gas gets $375 mln financing, will expand distribution network
BENGALURU, Sept 20 (Reuters) -India's Adani Total Gas ADAG.NS 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 TTEF.PA, competes with Gujarat Gas GGAS.NS, Mahanagar Gas MGAS.NS and Indraprastha Gas IGAS.NS in India's growing city gas distribution market.
The 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.
Lenders BNP Paribas BNPP.PA, DBS Bank, Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corporation participated in Adani Total Gas's financing.
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.
Reporting by Hritam Mukherjee in Bengaluru; Editing by Shreya Biswas
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