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

Next Story
Infrastructure Transport

Mumbai-Ahmedabad Bullet Train Set to Launch by 2028

India’s first bullet train is set to revolutionize high-speed travel along the western corridor, with the Mumbai-Ahmedabad high-speed rail project aiming for a 2028 launch. This announcement marks a major milestone in India’s infrastructure goals, as it promises to reduce travel time between the two economic hubs from eight hours to just three.Spanning a planned 508-kilometre stretch, the corridor stands as a flagship example of Indo-Japanese collaboration in technology and engineering. Once operational, the train is expected to transform intercity mobility and place India among the select..

Next Story
Infrastructure Transport

Mumbai-Gandhinagar Train Service Enhances Passenger Capacity

The Mumbai Central–Gandhinagar Capital Vande Bharat Express has increased its passenger capacity by adding four additional AC chair car coaches to meet the growing commuter demand on one of India’s busiest business corridors. This upgrade, effective from 11 May, raised the train’s seating capacity from 1,128 to 1,440 passengers, allowing it to serve 936 more passengers daily in both directions. The increase was described as a practical measure to accommodate the surging demand on the busy Mumbai–Ahmedabad–Gandhinagar route, which regularly operates at over 150 percent seat occupancy...

Next Story
Infrastructure Urban

Delhi Plans 12 Sewage Plants to Clean Najafgarh Drain Efficiently

Delhi’s ambitious plan to improve the water quality of the Yamuna River has gained significant momentum as the Delhi Jal Board (DJB) has begun work on 12 new sewage treatment plants (STPs) aimed at reducing the volume of untreated sewage being discharged from the Najafgarh Drain.This initiative forms part of the ongoing efforts to clean the Yamuna and restore the river’s health, which has long been a critical environmental issue for the national capital. Given the alarming pollution levels in the Yamuna, experts and officials consider this project a vital step toward addressing the persist..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?