Asia’s richest man makes US$5bil bet to silence debt-obsessed critics

Adani is seeking legitimacy in the face of questions about his group’s breakneck expansion from a traditional port operator to a sprawling empire with assets including media, cement and green energy, that critics say has boosted leverage and financial complexity.

GAUTAM Adani’s (pic) plan to raise at least US$5bil (RM22.4bil) in equity aims to shut down two of the most frequent criticisms levelled against the Indian tycoon’s swelling empire: high debt ratios and a limited investor base.

After four years of eyebrow-raising gains – some Adani Group shares surged more than 2,000% – Asia’s richest person is embarking on a fundraising campaign that will likely include a local share sale as well as buy-in from large investment funds in the Middle East and Canada.