New Delhi, March 12 -- Alternative investment firm Apollo Global Management has struck at least its third private credit transaction with the Adani Group as it provided $500 million (about Rs 4,600 crore) to a group company.
US-based Apollo provided the capital to a step-down subsidiary of Adani Energy Solutions Ltd (AESL) through dollar-denominated senior secured bonds, it said in a statement.
Apollo previously led a $750-million private credit investment in Adani's Mumbai airport unit in June last year. It also led another $750-million credit investment in Mumbai International Airport Ltd in May 2022.
The latest deal reflects continued interest from private credit firms in India's infrastructure sector, where transmission and distribution assets offer relatively stable, regulated cash flows. Apart from Apollo, KKR, Ares Management, and BlackRock are among the other US firms that have sealed private credit deals in India.
Apollo said the Adani Energy unit will use the money to refinance bonds maturing later this year. The new financing provides the company with additional balance-sheet headroom to fund ongoing capital expenditure in power transmission and distribution infrastructure, Apollo said.
Adani Energy is India's largest private-sector power transmission and distribution company. It operates high-voltage lines across 16 states and also installs smart meters. The company spent Rs 9,294 crore as capital expenditure in the first nine months of FY26, up 24% year-on-year, according to its recent quarterly report.
Published by HT Digital Content Services with permission from VC Circle.