Adani Group Plans $2.5 Billion Offshore Loan in India's Largest Refinancing This Year

The Adani Group is planning to raise $2.5 billion from global lenders to refinance debt used to acquire cement makers Ambuja Cements and ACC, in what would become India's largest offshore loan of the year, according to people familiar with the matter.

Two-Part Financing Structure

The fundraising is being split across two Adani-family-owned entities to tap different pools of liquidity. Endeavour Trade and Investment Ltd, a Mauritius-based special purpose vehicle, aims to raise $1.5 billion through a bridge loan with a tenor of 18 to 24 months, priced at roughly 150 basis points over the US benchmark Secured Overnight Financing Rate (SOFR). That bridge facility is expected to later be refinanced with a rupee-denominated loan from domestic lenders, including State Bank of India and HDFC Bank.

Separately, Adani Infra (India) Ltd is seeking to raise about $1 billion through a five-year loan under the Reserve Bank of India's external commercial borrowing window, priced at about 275 basis points over SOFR. Global banks reportedly in discussions on the two facilities include DBS Group, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corp and Standard Chartered, with signing expected within a few weeks and closing targeted before the end of October.

Second Refinancing Round for Cement Bet

If completed, the deal would surpass Adaniconnex Pvt Ltd's $1.13 billion borrowing as India's largest offshore loan so far in 2026. It would also mark the second time the group has refinanced debt taken on to fund its acquisition of Ambuja Cements and ACC, having already secured a $3.5 billion funding package for the same purpose in 2023. A further $1 billion is reportedly being planned as a third leg of the refinancing in 2027.

The group is also said to be leaning on the Reserve Bank of India's concessional foreign-exchange swap facility, designed to support a weaker rupee, which lowers hedging costs on overseas borrowings and makes offshore financing more attractive relative to domestic alternatives.

Part of a Broader Fundraising Wave

The refinancing push comes as Adani entities pursue capital across several fronts simultaneously, days after Adani Airport Holdings separately said it would raise close to $1 billion from a consortium including Temasek, BlackRock and Premji Invest. It also follows founder Gautam Adani's dismissal of US securities fraud charges last month, which analysts say has helped clear a path for the conglomerate's renewed access to international capital markets after a period of scrutiny.

The group's ports-to-energy businesses have increasingly relied on a mix of domestic and offshore borrowing to fund expansion, and bankers say the latest cement-debt refinancing reflects an effort to manage borrowing costs amid shifting global credit conditions rather than any change in the underlying investment thesis for its cement business.

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