MUMBAI: Billionaire Gautam Adani is in talks with three foreign lenders to raise as much as $750 million to refinance debt taken for the purchase of Ambuja Cements and ACC. Separately, he has closed a trade finance facility of $394 million (Rs 3,231 crore) with two international lenders, Barclays and Deutsche Bank, for a solar module manufacturing complex.
This proposed complex is housed under Adani New Industries, a 100% arm of his flagship Adani Enterprises. Bloomberg reported that the Adani Group chairman is in discussions with Barclays, Deutsche Bank and Standard Chartered for a $600-750 million loan facility to partly refinance the $3.8-billion loan taken for the Ambuja acquisition.
He is also in discussions with other lenders to refinance the rest of the loan. The discussions take place six months after US-based Hindenburg Research accused the Adani Group of corporate malfeasance in January, prompting a surge in dollar borrowing costs. Adani has denied the allegations, and the group’s cost of capital has dropped again.
