$5 billion

Indian billionaire Adani weighs equity fund-raise to help deleverage

Indian billionaire Gautam Adani is courting sovereign wealth funds to raise roughly $5 billion in equity across his sprawling business empire and reduce leverage, people familiar with the matter said.

The network of companies owned by Asia’s richest person has reached out to top officials at firms including Mubadala Investment Co. and Abu Dhabi Investment Authority about investments, the people said, asking not to be identified as the information is private. Adani’s group has separately approached the sovereign funds of Qatar and Saudi Arabia, as well as pension funds such as Canada Pension Plan Investment Board, the people said.