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.