Adani Energy in talks with banks to borrow up to $600 million

Adani Energy Solutions Ltd. is seeking a credit facility for as much as $600 million to fund smart meter projects for electricity supply, according to people familiar with the matter.

The unit of India’s ports-to-power conglomerate is discussing the planned transaction with a group of global lenders, the people said, asking not to be identified because the details are private. The foreign currency loan’s tenor could range from three to five years, with the pricing likely linked to the Secured Overnight Financing Rate, they said.