Adani Total Gas Ltd (ATGL) has recently informed exchanges that the company has secured finance from global lenders. AATGL has entered into an overall financing framework, allowing it to receive future funding based on its business plan.
The maiden financing of USD 375 million with international lenders includes an initial commitment of USD 315 million, with an accordion feature to boost commitments. Five international lenders participated in the initial financing which includes BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation.
The facility will accelerate the capital expenditure program, allowing ATGL to quickly expand its CGD network into its 34 authorized Geographical Areas (GAs) across 13 states. This development agenda will serve up to 14% of India’s population, totalling more than 200 million people. The extension will increase the penetration of Piped Natural Gas (PNG) and Compressed Natural Gas (CNG) infrastructure, creating an ecosystem for a gas-based economy.
In the exchange filing, the company also shared, “ATGL remains steadfast in its approach to lead the energy transition in India by fuelling increased usage of PNG and CNG to replace high carbon intensive conventional fuel sources and thereby creating a positive impact on environment. PNG and CNG usage offer a convenient, cost-effective, reliable and eco-friendly fuel and will further support the Government’s vision of increasing the share of natural gas in the energy basket from 6% to 15% by 2030.”
