Information
oi-Ajeeta Bhatia
Adani Cement, a subsidiary of the Adani Group, has introduced that it has paid again $200 million final week to assist pare a $1 billion mortgage obtained from international banks. The mortgage was initially secured to finance the acquisition of Holcim AG’s Indian enterprise models. Bloomberg Information reported on Friday that Adani Cement had confirmed the reimbursement.
In keeping with the report, Adani conglomerate’s prepayment will allow them to request a three-year extension on the debt used to finance their acquisition. The banks had offered a mortgage of $4.5 billion to Adani for this objective, and the mezzanine mortgage was initially scheduled to mature in September 2024.
The acquisition of Ambuja Cements and ACC, two of Holcim’s cement holdings, was dubbed “historic” by Gautam Adani. The acquisition of Holcim, in line with Gautam Adani, is critical for 4 causes: it made the corporate the second-largest cement producer in India; it acquired two of the nation’s most “iconic” manufacturers; it was the nation’s largest inbound M&A transaction within the infrastructure and supplies sector and closed in a file 4 months; and it entered the trade as India prepares to expertise one of many nation’s largest financial booms.
Adani has repaid roughly $2 billion in share-backed loans, made bond repayments on time, and secured a $1.9 billion investor from Rajiv Jain’s GQG Companions since Hindenburg Analysis launched its damning report on the corporate, sending its shares and bonds plummeting.
Story first printed: Friday, April 28, 2023, 22:33 [IST]
