Adani Group Plans $2.5 Billion Refinancing to Restructure Cement Debt

Adani Group plans a $2.5 billion refinancing deal that could become India’s largest offshore loan of 2026, as the conglomerate looks to restructure debt linked to its acquisition of Ambuja Cements and ACC.

The proposed financing will be split across offshore and domestic lending markets, allowing the group to access different pools of liquidity while managing borrowing costs amid changing global credit conditions.

Endeavor Trade and Investment Ltd., a Mauritius-based special purpose vehicle owned by the Adani family, plans to raise $1.5 billion through an 18-to-24-month bridge loan, according to people familiar with the matter.

The facility could be priced at around 150 basis points over the US benchmark SOFR before being refinanced through a rupee-denominated loan from domestic lenders.

Key Highlights:

• Adani Group plans a $2.5 billion refinancing package for cement acquisition-related debt.
• Endeavor Trade and Investment is seeking $1.5 billion through an offshore bridge loan.
• The bridge facility could carry a tenor of 18 to 24 months and pricing of around 150 basis points over SOFR.
• Adani Infra (India) plans to raise another $1 billion through a five-year external commercial borrowing facility.
• The combined transaction could become India’s largest offshore loan of 2026.
• The group is expected to complete the financing before the end of October, subject to final discussions with lenders.

Why Adani Is Splitting the $2.5 Billion Refinancing

The proposed structure gives Adani Group access to different sources of capital rather than relying on a single borrowing market.

The first leg involves Endeavor Trade and Investment raising $1.5 billion through an offshore bridge facility. The loan could later be refinanced through rupee-denominated borrowing from domestic banks, including State Bank of India and HDFC Bank.

A separate Adani family-owned entity, Adani Infra (India), is seeking approximately $1 billion through a five-year loan under the Reserve Bank of India’s external commercial borrowing framework.

The two-part approach comes as borrowing conditions continue to shift across global and domestic credit markets. The structure could also help the group manage the overall cost of refinancing by tapping different pools of liquidity.

Inside the Deal: Offshore Borrowing and Domestic Refinancing

The offshore bridge loan is expected to have pricing of approximately 150 basis points over SOFR, while the separate $1 billion five-year facility could be priced at around 275 basis points over SOFR, according to people familiar with the plans.

The proposed financing also comes against the backdrop of the Reserve Bank of India’s concessional foreign-exchange swap facility, which has helped lower hedging costs for overseas borrowing.

Several international lenders are reportedly in discussions for the transaction, including DBS Group Holdings, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation and Standard Chartered.

If completed, the combined $2.5 billion transaction would surpass Adaniconnex’s $1.13 billion borrowing and become the largest offshore loan by an Indian borrower so far this year.

Adani’s Cement Debt Refinancing Enters Its Next Phase

The latest fundraising is directly linked to the group's earlier acquisition of Ambuja Cements and ACC.

Adani Group secured a $3.5 billion funding package in 2023 to support the cement acquisitions. The current refinancing represents the next stage in restructuring that acquisition-related debt.

The group is also expected to raise another $1 billion in 2027, according to people familiar with the plans, potentially creating a multi-stage refinancing programme around the cement businesses.

The timing also comes after a series of developments involving Adani Group's access to global capital. Adani Airport Holdings recently announced plans to raise Rs 9,825 crore through a stake sale to a consortium including Temasek and funds managed by BlackRock.

Perspective on Adani’s Financing Strategy

The proposed $2.5 billion refinancing signals a more structured approach to managing acquisition-related debt while maintaining access to both international and Indian lenders.

Rather than refinancing the entire requirement through one facility, the group is dividing the borrowing into separate instruments with different tenors, pricing structures and lending pools.

For Adani Group, the transaction could provide greater flexibility in managing its debt profile as its infrastructure, ports, airports, energy and cement businesses continue to expand.

If completed on the expected timeline, the deal would not only mark one of the group's larger refinancing exercises but also set a new benchmark for India’s offshore borrowing market in 2026.