Adani Group in talks with lenders to refinance $3.5 billion debt taken for Ambuja acquisition

If deal happens, it would be another sign that it is business as usual for company

India Adani Goes Green

Billionaire Gautam Adani-led ports-to-power conglomerate Adani Group is attempting to refinance the $3.8 billion loan it took out to fund the purchase of Ambuja Cements Ltd. in September last year.

According to a Bloomberg report, the group is in talks with lenders divided into three different categories. If the deal materialises, this could be the fourth-biggest loan in Asia outside Japan this year, says Bloomberg.

Most of the group's existing lenders, including Deutsche Bank AG, Standard Chartered Plc and Barclays Plc are likely to participate in the deal that is expected to be concluded in four months. The group is likely to repay $300 million of the original loan to the lenders.

However, the deal is yet to be finalised; the terms of it could still change, and there is a chance that this may not happen. The Adani Group is yet to comment on the alleged deal.

If the deal happens, it would be another sign that it is business as usual for the company despite the setback it suffered following the allegations, including stock manipulation, levelled against it by US-based short seller Hindenburg.

In what was being pegged as India’s largest ever inbound mergers and acquisitions deal in the infrastructure and materials space, Adani Group, in September 2022, acquired cement companies ACC and Ambuja for $6.4 billion, making the company the second largest cement maker in the country, after UltraTech Cement.

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