Adani Group is preparing to raise 2.5 billion dollars through a mix of offshore and domestic loans, making it the largest refinancing deal in India this year. The funds will be used to refinance debt linked to its cement acquisitions.
The plan is split into two parts. The first involves Endeavour Trade and Investment Ltd., a Mauritius-based Adani family entity, which will raise 1.5 billion dollars through a short-term bridge loan of 18 to 24 months. This loan will later be refinanced with a rupee loan from Indian banks such as State Bank of India and HDFC Bank.
The second part will see Adani Infra (India) Ltd. secure about 1 billion dollars through a five-year loan under the Reserve Bank of India’s external commercial borrowing window. This facility will be priced at around 275 basis points over SOFR and will benefit from RBI’s concessional forex swap scheme, which helps reduce hedging costs.
Global lenders including DBS, MUFG, Sumitomo Mitsui Banking Corp., and Standard Chartered are in advanced talks, with the deal expected to close by October. If completed, this refinancing will surpass Adaniconnex’s 1.13 billion dollar loan earlier this year.
This marks Adani’s second refinancing for its cement purchases after a 3.5 billion dollar package in 2023, with another 1 billion dollar refinancing planned for 2027. The move highlights Adani’s strategy to lower borrowing costs and strengthen liquidity while expanding its infrastructure footprint.