Adani Total Gas said that it has entered into an overall financing framework with global lenders, which enables ATGL to secure future funding based on its business plan.
The maiden financing of $375 million executed with international lenders include an initial commitment of $315 million with accordion feature to enhance the commitments.
Five international lenders participated in the initial financing which includes BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation.
ATGL stated that these facilities will fast track the capital expenditure program, enabling the company to rapidly expand its CGD network into its 34 authorized geographical areas (GAs) across 13 states.
This development agenda shall cater to up to 14% of Indias population covering more than 200 million people. The expansion will deepen the penetration of piped natural gas (PNG) and compressed natural gas (CNG) infrastructure, creating an ecosystem for a gas-based economy.
Parag Parikh, CFO of ATGL, said: Participation from the global lenders reinforces the potential of city gas distribution in its role as transition fuel
This financing framework will drive ATGLs sustained growth and will be a stepping-stone for future financing based on its capital management plan which will create a long-term value for all our stakeholders.
Adani Total Gas is one of India’s leading private players in developing city gas distribution (CGD) networks to supply piped natural gas (PNG) to industrial, commercial, domestic (residential) customers and compressed natural gas (CNG) to the transport sector.
The companys standalone net profit increased 19.91% to Rs 177.09 crore in Q1 FY25 as comapred with Rs 147.69 crore in Q1 FY24. Revenue from operations rose 9.01% YoY to Rs 1237.10 crore in Q1 FY25.
The scrip had advanced 1.60% to end at Rs 788.60 on the BSE on Friday.
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First Published: Sep 21 2024 | 12:06 PM IST