Gautam Adani’s group plans to invest in mining, petrochem in Azerbaijan

Billionaire Gautam Adani’s group is looking to invest in petrochemical, mining, and metallurgical industries among others in Azerbaijan. Adani Group and Azerbaijan are planning to hold comprehensive discussions on future collaboration.

Recently, Adani met with the President of the Republic of Azerbaijan Ilham Aliyev in Davos.

As per the statement released by the office of the President of Azerbaijan, during the discussions, both parties noted that «Azerbaijan is the initiator of the East-West and North-South transport corridors, as well as one of the major transport-logistics hubs, and explored potential avenues of cooperation in this respect.»

Thereby, the statement added, «the parties discussed Azerbaijan’s attractiveness for foreign direct investments, the development of the country’s economy, and the prospects for cooperation with the Adani Group in petrochemical, mining, and metallurgical industries, as well as other areas of mutual interest.»

Also, they acknowledged the significance of the Middle Corridor via Azerbaijan within the context of the East-West transportation corridor.

Further, the statement highlighted that as per Gautam Adani, the firm has vast experience in the fields of port management, transport, and transportation in India and other regions of the world and has made direct investments in these fields in a number of nations.

Accordingly, Adani and the Republic of Azerbaijan’s President agreed «to conduct reciprocal visits of delegations and to hold comprehensive discussions on future collaboration.»

Asia’s richest man is set to launch its much-awaited follow-on public offer (FPO) on Friday at a price band of 3,112 to 3,276 per FPO equity share. The FPO is to the tune of 20,000 crore. 

Bidding was allowed for anchor investors in the FPO on January 25, and the remaining investors including retail investors will be able to bid from January 27 to January 31st.

If the FPO is fully subscribed, then Adani’s 20,000 crore offer will become the second largest follow-on public offer in India after Coal India’s 22,558 crore issue in 2015. Earlier in 2020, Yes Bank had launched a 15,000 crore FPO. From the total proceeds of the FPO, Adani plans to utilise 10,869 crore for green hydrogen projects, work at the existing airports, and construction of a greenfield expressway.

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