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Adani's $3.5 Billion Ambuja Loan Progressing

Oct 10, 2023

By: BlinkX Research Team

A consortium of banks, including Barclays Plc, Deutsche Bank AG, and Standard Chartered Plc, have received internal approval for a syndicated loan of approximately $3.5 billion to refinance debt used by the Adani Group for the acquisition of Ambuja Cements Ltd. This move indicates progress in the discussions surrounding the deal. While some banks were considering lending $400 million each, these three institutions are each looking to contribute about $250 million. The loan could potentially become one of the largest in Asia this year.

This development marks a step towards resolving the allegations of malfeasance made earlier this year by US shortseller Hindenburg Research against the Adani Group. These allegations led to a sell-off in the stocks and bonds of group firms. The acquisition of Switzerland’s Holcim Ltd.'s India assets in 2022 signified Adani's expansion beyond its core businesses, venturing into areas like data centers, airports, digital services, retail, and media. While representatives from Barclays, Deutsche, and Standard Chartered declined to comment, there has been no immediate response from the Adani Group.