The Adani Group is reportedly seeking some more time to repay the debt associated with Ambuja Cements and ACC. As per updates, the Gautam Adani-led firm is reportedly seeking to renegotiate the terms of the outstanding loans worth $4 billion.
The Adani Group reportedly hopes this tenure be extended to a period of five years or more, from the existing 18 months
The Adani Group is reportedly seeking some more time to repay the debt associated with Ambuja Cements and ACC. As per updates, the Gautam Adani-led firm is reportedly seeking to renegotiate the terms of the outstanding loans worth $4 billion.
According to a report in the Economic Times, the Adani Group took this loan in August last year from Switzerland-based Holcim group. It adds that the group has started negotiations with lenders to extend the tenor of $3 billion bridge loan. The group reportedly hopes this tenure be extended to a period of five years or more, from the existing 18 months.
In addition to this, the report adds that the Adani Group is also seeking to convert another $1 billion mezzanine loan trance to senior secured debt. At present, this one has a maturity of 24 months but the group wants to extend the repayment schedule up to five years.
However, the report adds that in a response to an ET query, a spokesperson denied the development. The reply, as per the report, reads, “The query you shared in the email is incorrect.”
Before this report, the Adani Group has also repaid $1.5 billion of Ambuja Cements and ACC loans. This also includes $1 billion of promoter loans taken from three foreign banks as a loan against shares. The group has been repaying loans and come a lot in the news after the scathing Hindenburg Research report alleged fraud and stock manipulation.