Adani group to refinance ACC
Cement

Adani group to refinance ACC

The Adani group is in talks with several foreign banks about refinancing $3.5 billion in bridge loans taken out this year for the acquisitions of Ambuja Cement and ACC. The loans were taken out by the Mauritius-based promoter entity Endeavour Trade and Investment, a special purpose vehicle that purchased Ambuja Cement's stake from Swiss cement giant Holcim in an all-cash $6.5 billion transaction. The refinanced loans' terms will be extended to five years. Adani currently controls 63.15 per cent of Ambuja Cement and 56.69 per cent of ACC (of which a 50.05 per cent stake is held through Ambuja Cement).

Soon after taking over the companies in September, the promoters agreed to invest an additional Rs 200 billion in order to double the company's capacity. The combined installed production capacity of Ambuja Cement and ACC is 67.5 million tonne per year.

According to bankers, the earlier Holcim stake acquisition transaction was financed by $4.5 billion in loans from 14 international banks, demonstrating foreign banks' confidence in Indian companies.

Also read:
Railways has earned Rs 1059.05 billion from freight loading till Nov'22
REC and PFC signs MoU for the fiscal year 2022-23

The Adani group is in talks with several foreign banks about refinancing $3.5 billion in bridge loans taken out this year for the acquisitions of Ambuja Cement and ACC. The loans were taken out by the Mauritius-based promoter entity Endeavour Trade and Investment, a special purpose vehicle that purchased Ambuja Cement's stake from Swiss cement giant Holcim in an all-cash $6.5 billion transaction. The refinanced loans' terms will be extended to five years. Adani currently controls 63.15 per cent of Ambuja Cement and 56.69 per cent of ACC (of which a 50.05 per cent stake is held through Ambuja Cement). Soon after taking over the companies in September, the promoters agreed to invest an additional Rs 200 billion in order to double the company's capacity. The combined installed production capacity of Ambuja Cement and ACC is 67.5 million tonne per year. According to bankers, the earlier Holcim stake acquisition transaction was financed by $4.5 billion in loans from 14 international banks, demonstrating foreign banks' confidence in Indian companies. Also read: Railways has earned Rs 1059.05 billion from freight loading till Nov'22 REC and PFC signs MoU for the fiscal year 2022-23

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code