Adani Group's $3.5 Billion Ambuja Loan Is Moving Ahead: Report

The three banks are Barclays Plc, Deutsche Bank AG and Standard Chartered Plc

Adani Group bought the India assets of Switzerland’s Holcim Ltd. in 2022.

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A group of banks that have been in talks to lend about $250 million each toward a syndicated loan of about $3.5 billion to refinance debt which Adani Group took out to fund its purchase of Ambuja Cements have received internal approval for the deal, citing sources privy to the development news agency Bloomberg said. According to the report, the three banks are Barclays Plc, Deutsche Bank AG and Standard Chartered Plc.

They are part of a larger consortium in talks for the syndicated loan to billionaire Gautam Adani’s conglomerate. Some institutions were in discussions to lend $400 million each, in what could become one of the biggest loan deals in Asia this year, Bloomberg reported last month citing people familiar with the matter. No new information was given on the status of that group of banks.

The prospective deal adds to evidence that the group, with business interests stretching from ports to green energy, is closing the chapter on the allegations of malfeasance made by US shortseller Hindenburg Research earlier this year.

The claims, repeatedly denied by Adani officials, caused a selloff in the stocks and bonds of group firms. Negotiations with global banks on debt refinancing stalled as some banks balked, Bloomberg reported in February.

Spokespeople at Barclays, Deutsche and Standard Chartered all declined to comment when contacted by Bloomberg on Tuesday. A representative for Adani Group did not offer any immediate comment.

Adani Group bought the India assets of Switzerland’s Holcim Ltd. in 2022, as the conglomerate looked to move beyond its core business of operating ports, power plants and coal mines and into areas like data centers, airports, digital services, retail, and media. The transaction has not yet been finalised and the terms could still change.