Adani Total Gas (ATGL) shares surged by 7.4% to reach ₹846.65 on the BSE after the company announced securing $375 million in global financing—the largest ever for the city gas distribution business.
The financing deal includes an initial commitment of $315 million from five international banks: BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation. The deal also has a feature allowing for more funds to be added.
This funding will help ATGL expand its City Gas Distribution (CGD) network, which aims to serve over 200 million people, covering 14% of India’s population. ATGL plans to use the money to develop its network in 34 authorized areas across 13 states.
Parag Parikh, CFO of ATGL, said this global support shows confidence in city gas as a key transition fuel. The financing will help ATGL continue growing and create long-term value for its stakeholders. The company plays a major role in India’s energy strategy, owning 34 of 53 geographical areas authorized for gas distribution. The rest are owned by a joint venture between ATGL and Indian Oil Corporation.
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