Adani Group looks to rope in more lenders to refinance $3.8 billion

Adani Group looks to rope in more lenders to refinance $3.8 billion

• By Staff Writer

The Adani Group is in discussions to rope in at least five new international banks as it looks to refinance $3.8 billion of loans of varying tenors taken for the acquisition of ACC Limited and Ambuja Cement last year, said people aware of the ongoing discussions.

According to these people, the majority of Adani's existing lenders, including the lead banks - Standard Chartered, Barclays and Deutsche Bank - will participate in the refinancing round. The group has also begun discussions with two Taiwanese banks and a Malaysian bank among others to expand the consortium of lenders to syndicate the above loan, which will likely entail extension of the payment tenor by three years.

"The meetings with lenders are currently underway and the group is targeting mid-July to stitch up a loan agreement with the consortium," said a person aware of the discussion.

An email sent to Adani Group remained unanswered till press time on Monday. Standard Chartered, Barclays and Deutsche Bank declined to comment.