Adani Group is in discussions with lenders, including international banks, about refinancing up to $3. 8 billion of a loan facility it took to buy Ambuja Cements last year, according to persons familiar with the situation.
The ports-to-power company founded by Indian tycoon Gautam Adani is considering whether to convert the initial loan into debt with a longer maturity period and has begun speaking with banks individually about that proposal, sources said.
The effort is a significant test of whether global credit lines will open up to the company again after US shortseller Hindenburg accused the Adani Group of widespread corporate malfeasance in January. Adani has denied the allegations. Adani is expecting to conclude the process within three to four months and most of the existing lenders are expected to participate, sources said.