 "Adani")
The Adani group is in talks with several foreign banks to refinance $3.5 billion of bridge loans taken for the acquisition of Ambuja Cement and ACC this year.
The loans were taken by the Mauritius-based promoter entity Endeavour Trade and Investment, a special purpose vehicle that acquired Ambuja Cement’s stake from Swiss cement major Holcim in an all-cash transaction of $6.5 billion. The tenure of the refinanced loans will be extended to five years. Adani currently holds 63.15 per cent stake in Ambuja Cement and 56.69 per cent in ACC (of which 50.05 per cent stake is held through Ambuja Cement).
Soon after taking over the companies in September, the promoters agreed to infuse an additional Rs 20,000 crore into
