Indian billionaire Gautam Adani looks to raise $10 billion debt - Media
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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, Media reported on Friday, quoting people in the know.
The 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. It added that the effort could begin as early as the current December quarter.
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.
An Adani Enterprises spokesperson did not immediately respond to a Reuters request for comment.
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 overall debt levels, at a time when it is looking to expand aggressively.
