Adani Group, led by billionaire Gautam Adani, is reportedly seeking a $600 million offshore loan to refinance existing debt, as per sources familiar with the matter.
The loan is anticipated to be raised by Dhamra LNG Terminal Pvt., a subsidiary of Adani Total Pvt., with the debt’s duration potentially ranging from three to five years. Pricing is expected to be tied to the Secured Overnight Financing Rate.
Discussions regarding the proposed transaction involve lenders such as Credit Agricole, DBS Bank Ltd., BNP Paribas, Mitsubishi UFJ Financial Group Inc., and Mizuho Bank Ltd. Adani aims to finalize the borrowing within the next two months.
Adani Group has not yet responded to Bloomberg’s inquiries for comment.
The conglomerate is gradually regaining investor confidence after facing scrutiny from US short seller Hindenburg Research early last year. In March, the group witnessed strong demand for its inaugural public bond sale since the short-seller controversy.
Adani Total is a joint venture between Adani and TotalEnergies. Prime Minister Narendra Modi’s administration is actively working to enhance India’s LNG import capacity to raise the proportion of natural gas in its energy mix to 15% by 2030, up from the current 7%. This initiative aims to reduce reliance on more polluting fossil fuels like coal and oil.
