Adani gets $3.5 bn loan to refinance cement buyouts

The Adani group on Friday said it has clinched a $3.5 billion debt refinance deal from a consortium including at least 10 foreign lenders to repay the debts that were taken last year by the group's promoters to fund the $6.6 billion acquisition of Ambuja Cements Ltd and ACC Ltd.

- Mayur Bhalerao & Anirudh Laskar

The refinancing deal, whose terms are more favourable than the original acquisition loan, has a maturity of up to three years.

An Adani group special purpose vehicle called Endeavour Trade and Investment Ltd will avail the refinance amount.

According to the group, the refinance terms may save it around $300 million compared with the costs involved in the original loan.

On 11 October, Mint reported that the Adani group had entered into a $3.7 billion refinance agreement with a consortium of banks, the largest such deal in the cement industry.