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Informist, Thursday, Aug 29, 2024

 

--Adani Ent CFO: Airport ops could be 1st of current ops to be demerged
--Adani Ent CFO: Airports business may be demerged in 2027,28
--Adani Ent CFO: Have a specific desire to diversify capital
--CONTEXT: Adani Enterprises CFO Jugeshinder Singh at press meet

 

AHMEDABAD – Airports operations could be the first of the Adani Enterprises Ltd businesses that could be demerged by 2027 or 2028, Chief Financial Officer of Adani Group Jugeshinder Singh said today.

 

Singh was speaking to reporters at the launch of the company's 4-bln-rupee non-convertible debenture issue, which also has a greenshoe option of 4 bln rupees. Adani Enterprises acts as a business incubator for several listed companies of Adani Group. The company has been talking about demerging airports, roads, water and new energy businesses into independent entities for long. 

 

Singh said for these businesses to become independent, they need to meet three conditions. One, that these individual businesses must be able to support itself fully. They have organisational capability to conduct the business fully from both board management level, and its ability to consistently be able to invest at a rate that the management desires for that business to grow. 

 

"We believe that for us, within a year...airport should be the first business that will be ready for the merger. And we retain the timing as consistent. 2027-28," Jugeshinder Singh said.

 

On using non-convertible bond route to raise debt, Singh said that there is a specific desire to diversify the source of capital and this debenture issue may be one of many to follow. At 1304 IST, shares of Adani Enterprises traded 0.6% lower at 3,308.7 rupees on the National Stock Exchange. 

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Sunil Raghu

Edited by Akul Nishant Akhoury

 

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