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Adani Group, the Indian ports-to-power conglomerate controlled by billionaire Gautam Adani, plans to fund as much as half of its €2.56 billion ($2.87 billion) takeover of Dutch liquid storage operator Evos B.V. with equity, a week after agreeing to the deal.
The equity portion would come to as much as €1.28 billion ($1.43 billion), with debt making up the rest, according to people familiar with the plans. The group is also working to refinance about €1.3 billion ($1.46 billion) of existing borrowings at Evos.
Adani Ports and Special Economic Zone Ltd., the group's port operator and India's largest private port company, agreed on Nov. 5 to buy all of Evos at an enterprise value of €2.56 billion. Evos is Europe's second-largest independent operator of liquid storage terminals, which hold fuel, chemicals and other bulk liquids at ports. The purchase is the group's largest move into Europe.
Cement debt and Chilean copper
The Evos funding plan is one of several deals the group has in motion. Adani Group is looking to raise $2.5 billion from Mitsubishi UFJ Financial Group Inc., Barclays Plc and Sumitomo Mitsui Banking Corp. to refinance debt taken on to buy control of Ambuja Cements Ltd. and ACC Ltd. from Holcim in 2022, a $10.5 billion deal that made the group India's second-largest cement maker.
The group has also signed a memorandum of understanding with Corporacion Nacional del Cobre de Chile, the Chilean state copper giant known as Codelco, that sets out the key commercial terms for a joint copper exploration project in Chile. Adani runs a copper smelter at Mundra in Gujarat through Kutch Copper Ltd. and is seeking secure supplies of copper concentrate.
The flurry of deals follows a plan the group outlined on Nov. 10 to invest more than $120 billion over five years, about 70% of it in energy.
Adani's empire
Gautam Adani, 64, dropped out of college and worked as a diamond sorter in Mumbai before founding a commodities trading business in Ahmedabad in 1988. He built the group around the Mundra port and later expanded into power, airports, cement, data centers and green energy. Forbes ranks him among Asia's richest people.
In Africa, Adani Ports runs Container Terminal 2 at Tanzania's Dar es Salaam port under a 30-year concession signed in 2024.
Figures were converted at €1 to $1.12.
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