BENGALURU: Gautam Adani is considering raising roughly $5 billion and has approached sovereign wealth funds after lenders asked his conglomerate to reduce leverage, an agency report said on Wednesday, citing people familiar with the matter.

The network of companies owned by Asia’s richest person has reached out to top officials at firms including Abu Dhabi state fund Mubadala Investment Co and Abu Dhabi Investment Authority about investments, the report said.

The Adani Group did not immediately respond to a request for comment.

The group is looking to other large investment funds in the Middle East as well as in Canada to invest, the report said, adding that there has also been talks to raise as much as $10 billion.

Adani Enterprises Ltd said late on Tuesday a board meeting will be held on Friday to consider a proposal to raise funds.

According to a separate report on Tuesday, Adani Enterprises was considering issuing about $1.8 bn to $2.4 bn in new shares as soon as next year, which is included in the $5 billion to $10 bn fund raise target.

Fitch Group’s debt research unit CreditSights in September hadraised concerns that Adani Group was “deeply overleveraged” and its many investments in capital-intensive businesses could pose long-term risks to investors.

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