On Friday, Bloomberg News reported that Indian billionaire Gautam Adani’s group plans to raise at least $10 billion in new debt to refinance large borrowings and fund pipeline projects.
According to the report, the Adani Group plans to use foreign currency debt and green bonds to raise $6 billion to swap its high-interest debt for lower-cost borrowings and use the rest for project financing.
It added that the effort may start in the December quarter.
The ports-to-energy conglomerate, confident of securing lower-cost loans even with rising interest rates due to its large asset base, aims to lower its repayment burden, the report said.
The report comes more than a month after Fitch Group debt research firm CreditSights expressed concerns about the Adani group’s debt levels at a time when it is aggressively expanding.