Industrialist Gautam Adani is negotiating with three foreign lenders to raise up to $750 million to restructure debt incurred for the acquisition of ACC and Ambuja Cements. Separately, he completed a $394 million (£323.1 million) trade finance arrangement with two foreign lenders, Barclays and Deutsche Bank, for a solar module manufacturing complex.
This proposed complex is managed by Adani New Industries, a wholly owned subsidiary of his main business, Adani Enterprises. According to Bloomberg, the Adani Group chairman is in talks with Barclays, Deutsche Bank, and Standard Chartered over a $600-750 million loan facility to partially repay the $3. 8 billion loan obtained for the Ambuja acquisition.
He isalso 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.