Indian billionaire Gautam Adani's group plans to raise at least $10 billion in new debt through the next year to refinance large borrowings and fund projects in its pipeline, Bloomberg News reported on Friday, quoting people in the know.
Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad in this April 2, 2014 file photo. REUTERS/Amit Dave/File Photo
BENGALURU, Oct 21 - Indian billionaire Gautam Adani's group plans to raise at least $10 billion in new debt through the next year to refinance large borrowings and fund projects in its pipeline, Bloomberg NewsThe Adani Group plans to use several vehicles including foreign currency debt and green bonds to raise up to $6 billion to swap its current high-interest debt with lower-cost borrowings and deploy the rest for project financing, according to the report.
The ports-to-energy conglomerate, which is confident of securing lower-cost loans due to its large asset base even in a backdrop rising interest rates, aims to lower its burden of repayments, the report said.The report comes more than a month after debt research firm CreditSights, a part of the Fitch Group, said it had concerns about the Adani group's
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