City gas distributor Adani Gas Ltd has sought a perpetual loan of $350 million from its promoters to finance expansion, two people aware of the matter said.
The Adani group company has approached three promoter group entities—Adani Rail Infra Pvt. Ltd, Adani Infra India Ltd, and Adani Properties Pvt. Ltd—for the loan, the people said on condition of anonymity. Adani Gas will pay an interest of 9% for the loan, and spend about $50 million of the $350 million for retail distribution.
An Adani Gas spokesperson did not respond to an email sent on 9 January. “The company is availing of an unsecured perpetual loan of around $350 million from Adani Properties, Adani Rail Infra and Adani Infra India to meet its expansion plans,” said a banker, the first of the two people cited above.