Adani looks to borrow $750mn from 3 foreign bks

Mumbai: Billionaire Gautam Adani is in talks with three foreign lenders to raise as much as $750 million to refinance debt taken for the purchase of Ambuja Cements and ACC. Separately, he has closed a trade finance facility of $394 million (Rs 3,231 crore) with two international lenders, Barclays and Deutsche Bank, for a solar module manufacturing complex.

This proposed complex is housed under Adani New Industries, a 100% arm of his flagship Adani Enterprises. Bloomberg reported that the Adani Group chairman is in discussions with Barclays, Deutsche Bank and Standard Chartered for a $600-750 million loan facility to partly refinance the $3.8-billion loan taken for the Ambuja acquisition.