Adani Group debt refinancing is gaining momentum as the conglomerate plans to raise $2.5 billion through a loan facility from international lenders, including Mitsubishi UFJ Financial Group (MUFG), Barclays Bank and Sumitomo Mitsui Banking Corporation (SMBC). The proposed financing will help refinance borrowings taken for the acquisition of Ambuja Cements and ACC in 2022, marking another significant step in the group’s debt management strategy.
Adani Group Plans $2.5 Billion Loan from Global Banks
According to reports, the proposed $2.5 billion facility will replace the earlier refinancing arrangement completed in October 2023. At that time, Adani Cement, through its special purpose vehicle Endeavour Trade and Investment Ltd, raised $3.5 billion from a consortium of 10 international banks.
The earlier loan was used to refinance the bridge financing taken for acquiring the cement businesses and carried maturities of up to three years. MUFG, Barclays and SMBC were also among the lenders participating in that arrangement.
Other financial institutions involved in the earlier lending consortium included DBS Bank, First Abu Dhabi Bank, Mizuho Bank, BNP Paribas, Deutsche Bank, ING Bank and Standard Chartered.
Sources indicated that a portion of the new loan facility could subsequently be distributed to domestic banks. This development has become possible following the Reserve Bank of India’s acquisition-finance framework introduced in February 2026, which allows banks to finance corporate acquisitions under specified conditions.
Adani Group’s Ambuja-ACC Acquisition Background
The refinancing exercise is linked to Adani Group‘s entry into India’s cement industry through its acquisition of Holcim’s stakes in Ambuja Cements and ACC.
The Adani family completed the transaction in September 2022 through Endeavour Trade and Investment Ltd, valuing the stakes and open offer consideration at approximately $6.5 billion.
Following the acquisition, the group secured a 63.15% stake in Ambuja Cements and a 56.69% interest in ACC, including its indirect holding through Ambuja.
The transaction established Adani Group as India’s second-largest cement producer, behind the Aditya Birla Group-owned UltraTech Cement.
US Legal Developments and Global Lender Confidence
The latest fundraising initiative comes after developments in legal proceedings involving the Adani Group and its senior executives in the United States.
On August 10, a New York federal court dismissed securities and wire-fraud charges against Gautam Adani, Sagar Adani and others at the US Justice Department’s request.
Additionally, Gautam Adani and Sagar Adani settled the related civil case filed by the US Securities and Exchange Commission (SEC), agreeing to pay penalties of $6 million and $12 million, respectively, without admitting or denying the allegations.
Separately, Adani Enterprises agreed in May to pay $275 million to settle potential civil liability concerning apparent violations of US sanctions on Iran linked to liquefied petroleum gas purchases.
These developments are significant for the group’s international borrowing plans, as access to global financing remains an important part of its expansion strategy.
Ambuja Cements Expansion Plans Add to the Bigger Picture
Alongside debt refinancing, Adani Group is pursuing an aggressive expansion strategy for its cement business.
On November 2, Ambuja Cements announced a capital expenditure programme of ₹14,500 crore to add approximately 30 million tonnes of annual cement production capacity across eastern, western and northern India.
The company currently has an installed capacity of 113.5 million tonnes annually. With the proposed expansion and operational improvements, it aims to increase capacity to 155 million tonnes by FY30. Capacity is expected to reach 119 million tonnes by March 2027.
However, profitability remains an area to watch. During the September quarter, Ambuja Cements reported consolidated revenue of ₹9,197 crore, compared with ₹9,175 crore in the corresponding period last year. Its operating EBITDA declined to ₹1,271 crore from ₹1,762 crore, while the EBITDA margin contracted to 13.8% from 19.2%, primarily due to higher fuel and logistics costs.
Meanwhile, shareholders have approved the proposed mergers of ACC and Orient Cement into Ambuja Cements, subject to regulatory and tribunal approvals, with completion expected during FY27.
The proposed $2.5 billion refinancing, therefore, forms part of Adani Group’s broader efforts to manage acquisition-related liabilities while strengthening its position in India’s competitive cement industry.
Sources: Moneycontrol – Adani Group’s $2.5 billion refinancing plan.
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