Ahmedabad, Sep 20 || Adani Total Gas Ltd (ATGL) on Friday said it has secured the largest global financing in the city gas distribution business, at $375 million, which will help the company cater to over 200 million people, covering 14 per cent of India's population.
The maiden financing, executed with international lenders, includes an initial commitment of $315 million with an accordion feature to enhance the commitments.
Five international lenders, which include BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation, participated in the initial financing.
"Participation from the global lenders reinforces the potential of city gas distribution in its role as a transition fuel," said Parag Parikh, CFO of ATGL, India’s leading city gas distribution (CGD) company.
"This financing framework will drive ATGL’s 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," he added.