Adani Group to refinance Ambuja Cements and ACC bridging loans

The Adani Group is reported to be in talks with several foreign banks to refinance US$3.5bn of bridging loans taken for the acquisition of Ambuja Cements Ltd and ACC Ltd this year.

The loans were taken by the Mauritius-based promoter entity Endeavour Trade and Investment, a special-purpose vehicle that acquired Ambuja Cements' stake from Swiss cement major Holcim in an all-cash transaction of US$6.5bn, according to the Business Standard. 

The tenure of the refinanced loans will be extended to five years. Adani currently holds 63.15 per cent stake in Ambuja Cements Ltd and 56.69 per cent in ACC Ltd (of which 50.05 per cent stake is held through Ambuja Cements Ltd).