Indian multinational conglomerate Adani Group is holding talks with a Middle-Eastern sovereign wealth fund (SWF) to acquire $1 billion for its airports business. The name of the SWF is yet to be revealed.

The fundraising move has come in just about a week since Adani Enterprises launched a qualified institutional placement (QIP) to secure $500 million. And, before that in July, about $1 billion was raised from Adani Energy Solutions’ qualified institutional placement in which Abu Dhabi Investment Authority and Qatar Investment Authority had invested.

Now, the capital raise for Adani Airport Holdings will be conducted in two phases. The first round is likely to be secured from the sovereign fund by the end of the fourth quarter of this year.

It is to be noted that Adani incorporated a new power company in Abu Dhabi this August, to invest in power, infrastructure, and other related sectors. – editor@nrifocus.com