BENGALURU: India’s embattled Adani Group is in talks with lenders 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, the Economic Times daily reported on Wednesday.
The group is looking to repay the bridge loan with cash this month, the report said, citing people aware of the matter, adding that 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 calm investors spooked by a US short-seller’s critical report on its business practices.
The loan was underwritten by Barclays, Deutsche Bank and Standard Chartered – ET reported – all of whom declined to comment on the matter.
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The financial consortium lending to Adani also includes DBS, MUFG, Sumitomo Mitsui Banking Corp, First Abu Dhabi Bank, Intesa and Mizuho, the report said. Adani and the other lenders mentioned above did not immediately respond to Reuters’ requests for comment.
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