Adani Group is in talks with Barclays, Deutsche, and StanChart for $750 million to clear cement business debt

Adani Group is in talks with Barclays, Deutsche, and StanChart
Adani Group is in talks with Barclays, Deutsche, and StanChart

by Tanushree Jaiswal Last Updated: Jul 28, 2023 - 05:10 pm 328 Views

The Adani group is reportedly in discussions with foreign lenders, including Barclays, Deutsche Bank AG, and Standard Chartered, to refinance a debt of $600-750 million obtained for the acquisition of Holcim's cement business in India last year.

In a recent announcement, Adani Enterprises stated that its subsidiary, Adani New Industries, raised $394 million (₹3,231 crore) from Barclays plc and Deutsche Bank AG. The funds will be utilized for working capital requirements in an integrated solar module manufacturing facility.

Last year, the Adani group completed the purchase of Holcim's business in India, which included Ambuja Cements and ACC, for $6.4 billion. The acquisition was financed with a loan of $3.8 billion. Apart from the three foreign lenders, the Adani group intends to involve more banks in the consortium to refinance the loan facility.

Adani Group aims to raise $4 billion by the end of 2023 and is actively engaging with global investors.
In January, the Adani group faced allegations of accounting fraud and stock price manipulation from short-seller Hindenburg, which were denied by the conglomerate. Despite concerns about heavy debt levels, the group has been working on deleveraging since March, reducing share-backed debt.

The group is now planning to raise over ₹33,000 crore, part of which might be used to trim debt. Recently, the promoters raised $1.38 billion (₹11,330 crores) through a stake sale in three group companies to US-based global equity investment boutique GQG Partners in two tranches.

Prior to that, the family sold a stake in March amounting to $1.87 billion (₹15,446 crores), leading to full repayment of margin-linked, share-backed financing. Additionally, Adani Transmission Ltd has been renamed Adani Energy Solutions Limited, effective immediately.

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Tanushree is a seasoned professional with 6 years of experience in the Fintech and Edtech industry.


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