A brand of the Adani Group is seen on a industrial complicated in Mumbai, India, February 7, 2023. REUTERS/Francis Mascarenhas/File picture Acquire Licensing Rights
BENGALURU, July 27 (Reuters) – Barclays (BARC.L), Deutsche Bank AG (DBKGn.DE) and Standard Chartered (STAN.L) are in talks to collectively lend between $600 million and $750 million to India’s Adani Group, Bloomberg News reported on Thursday, citing folks acquainted with the matter.
The mortgage is part of discussions to refinance the debt that the group had taken to fund its buy of Ambuja Cements (ABUJ.NS).
Adani final 12 months acquired ACC (ACC.NS) and Ambuja from Switzerland-based Holcim AG’s (HOLN.S) in a $10.5 billion deal that was financed by bridge loans. The deal made the group India’s No. 2 cement producer.
Adani Group can be in dialogue with different lenders to refinance as a lot as $3.8 billion of a mortgage facility taken for its Ambuja acquisition, the report added.
However, the report stated that the talks have not but concluded and the quantities can nonetheless change.
Earlier this month, Reuters reported that Adani Group is aiming to shut its deliberate as much as $4 billion fundraising earlier than the tip of 2023, and is actively speaking to international buyers about collaborating.
The Adani Group and Deutsche Bank didn’t instantly reply to Reuters’ request for remark, whereas Standard Chartered and Barclays declined to remark.
Adani’s excessive debt ranges have been among the many considerations that have been flagged by U.S. short-seller Hindenburg in a report on Jan. 24.
The short-seller additionally stated the conglomerate improperly used tax havens, amongst different allegations that worn out over $100 billion in investor wealth within the group’s listed entities.
The group referred to as the report baseless, and has since garnered investor help and repaid debt.
Reporting by Ashish Chandra in Bengaluru; Editing by Shinjini Ganguli and Varun H Okay
Our Standards: The Thomson Reuters Trust Principles.
