Adani Group Looks To Repay $500 Million Bridge Loan Taken For Cement Deals: Report

| Updated: February 15, 2023 1:10 pm

Adani Group looks to repay a $500 million bridge loan facility it had taken to buy controlling stakes in cement companies ACC Ltd and Ambuja Cements Ltd last year, according to media reports on Wednesday.

The group is looking to repay the bridge loan with cash this month, the report said, the loan had a tenor of six months and was part of a larger $5.25 billion financing package.

The report comes a day after the group said its companies face no material refinancing risk or near-term liquidity issues, in its latest attempt to reassure investors alarmed by a critical report on its business practices by a U.S. short-seller.

The loan was underwritten by Barclays, Deutsche Bank and Standard Chartered, ET reported. The financial consortium lending to Adani also includes DBS, MUFG, Sumitomo Mitsui Banking Corp, First Abu Dhabi Bank, Intesa and Mizuho, the report said.

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