AdaniConnex raises up to 1.44 billion dollar fund in form of loan from 8 global banks

The way has been cleared for Adani Group company Adani Connex to get funding worth billions of dollars. For this, negotiations have been completed and various conditions have been agreed upon. The company is going to get funding of up to $1.44 billion from 8 global banks.

The company gave information in the statement

Adani Connex officially gave information about this funding on Sunday. Before that, during the last week, media reports were suggesting from sources that Adani Connex plans to raise funds on a large scale in the coming days. Now the company has issued an official statement in this regard, confirming the news and clarifying the information regarding the funding plan.

JV of Adani and Edge Conex

Adani Connex is a company focusing on data centers. This company is a joint venture of Adani Group's flagship company Adani Enterprises and Edge Connex. Both the companies have equal 50-50 percent stake in this venture. This joint venture has been specially created for data center business in India. Adani Group has prepared big plans for this emerging business. Adani Enterprises is investing about 1.5 billion dollars in this.

amount deposited for construction

According to the statement from Adani Conex, the funding initially includes a commitment of $875 million, which can later be increased to $1.44 billion. With this funding, $1.65 billion has now been raised in the company's construction financing pool to build the data center. The company started construction of its first data center in June 2013, which is being built at a cost of $213 million.

Data centers are going to be built in these cities

Adani Connex plans to set up data centers with a total of 1 giga watt capacity in 9 cities of the country in the next decade by the year 2030. The cities of the country where the company is going to set up data centers include Hyderabad, Chennai, Noida and Pune. Currently only Chennai data center is in operation. The company has completed almost two-thirds of the construction of data centers in Noida and Hyderabad.

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