![](https://theayurvedanews.com/wp-content/uploads/https://images.indianexpress.com/2023/06/Adani.jpg)
[ad_1]
Bloomberg News reported Tuesday, citing people familiar with the matter, that the Adani Group is in talks with lenders to refinance up to $3.8 billion from a loan facility taken out for its acquisition of Ambuja Cements Ltd last year.
The report added that the group is studying whether to convert the original loan into a debt with a longer maturity period and has started talking to banks individually about this plan.
The group, which is led by billionaire Gautam Adani, expects to complete the process within four months, Bloomberg said, and most of the existing lenders, including Barclays plc, Deutsche Bank AG, Standard Chartered plc and Mitsubishi UF, are expected to participate. J Financial Group Inc.
However, the report warned that the deal has not yet been finalized and may not move forward.
Adani Group and Deutsche Bank declined to comment, while other lenders did not immediately respond to a Reuters request for comment.
Adani, based in India, last year acquired ACC Ltd and Ambuja in a $10.5 billion deal financed through bridge loans.
India’s Economic Times daily reported in March that Adani was seeking to renegotiate the terms of $4 billion in outstanding loans taken out last year to buy the cement companies. Hindenburg in a report on January 24.
The seller also said the conglomerate improperly used tax havens, among other allegations that it wiped out more than $100 billion from the wealth of investors in entities included in the Adani Group.
The group called the report baseless and has since secured the backing of investors and debt repayments.
Last month, a court-appointed panel said India’s markets watchdog had “plucked a void” in investigations into suspected abuse of overseas investments in the Adani Group.
[ad_2]