Adani Group is planning to raise around $2.5 billion through global and domestic lenders to refinance debt linked to its acquisition of cement companies Ambuja Cements and ACC, potentially making it India’s largest offshore loan of the year. Endeavour Trade and Investment Ltd., a Mauritius-based entity owned by the Adani family, is seeking about $1.5 billion through an 18-to-24-month bridge loan, which could later be refinanced through a rupee-denominated loan from domestic lenders including State Bank of India and HDFC Bank. Separately, Adani Infra (India) Ltd. plans to raise around $1 billion through a five-year overseas loan under the Reserve Bank of India’s external commercial borrowing framework. The two facilities could be priced at around 150 basis points and 275 basis points over the US benchmark SOFR, respectively. Several international banks, including DBS, MUFG, SMBC and Standard Chartered, are reportedly in discussions to arrange the financing. The lenders could sign the deal within the next two to three weeks, with the loans potentially closing before the end of October. If completed, the $2.5 billion transaction would surpass Adaniconnex’s $1.13 billion offshore borrowing earlier this year. The refinancing is being structured in separate parts to access different sources of liquidity and potentially reduce borrowing costs amid changing credit conditions. The group had previously secured a $3.5 billion funding package in 2023 to finance its acquisition of Ambuja Cements and ACC and is also considering another $1 billion refinancing tranche in 2027.
