Adani Total Gas Limited (ATGL), a city gas joint venture between Adani Group and France's Total Energies, on Friday (September 20) informed that it has successfully secured a $375 million financing package from a global lender. This financing is the largest global funding initiative in the CGD (city gas distribution) business and is designed to accelerate Adani Total Gas's network infrastructure development program.

The initial commitment of $315 million comes with an accordion feature, which allows for an increase in funding based on the company's business plan. Five leading international lenders participated in this financing, including BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corporation. The facility will accelerate the capital expanding program, helping ATGL to rapidly expand its CGD network across its 34 authorized geographical areas (GAs) in 13 states. This development agenda will cover 14 per cent of India's population, covering more than 200 million people. This expansion will increase the reach of piped natural gas (PNG) and compressed natural gas (CNG) infrastructure, creating an ecosystem for a gas-based economy. The company's stock closed at Rs 790 on Friday with a gain of 1.78 percent. The 52-week high of the stock is Rs 1,259.40 and in the last one year, the stock has seen a gain of 23.51 percent.