Adani lenders consider $750 million loan for Ambuja debt

Barclays Plc, Deutsche Bank AG, and Standard Chartered Plc are currently in discussions to collectively lend the Adani Group between $600 million and $750 million. The purpose of this loan is to refinance the debt that was initially taken to finance the acquisition of Ambuja Cements Ltd.

The loan would be syndicated, and Adani Group is also in talks with other lenders to refinance up to $3.8 billion of the loan facility used for the Ambuja acquisition. The final loan amount of up to $750 million, if agreed upon, will be part of this broader refinancing plan. However, it's worth noting that the discussions have not yet been finalized, and the loan amounts may still change.

The Adani conglomerate has witnessed an improvement in its debt metrics, which has enabled it to resume fundraising activities. In recent instances, AdaniConneX raised $213 million through the issuance of senior debt in June, and flagship Adani Enterprises Ltd. generated 12.5 billion rupees by selling local currency bonds earlier this month.

The conglomerate's acquisition of Holcim Ltd.'s Indian cement assets last year solidified its position as the country's second-largest cement producer. To finance that particular deal, bridge loans maturing in 2023 and 2024 were secured through Mauritius-domiciled Endeavour Trade & Investment, which is the Adani Group entity responsible for acquiring Holcim's cement business.

Content source: Media reports

Related Blogs
blog-logo

Share Market

blog-logo

15 mins read . 08 Jul 2024

Best Oil & Gas Stocks in India

  • 0 people read
blog-logo

Share Market

blog-logo

11 mins read . 08 Jul 2024

How to Withdraw SIP Amount?

  • 0 people read
Kickstart your equities journey today You've got this
By submitting this I agree to the terms & conditions