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Gautam Adani's renewables firm in talks for ₹14,978 crore loan: Report
The Adani Group wants to use the loan to spend on solar and wind projects.
Gautam Adani's firm, Adani Green Energy is in talks with a group of lenders abroad to borrow 1.8 billion dollars (roughly ₹14,978 crore). The company deals in renewable energy.
The loan amount will be used in capacity-building, Bloomberg reported, citing people familiar with the deal who didn't wish to be named.
Per the agency, the Adani Group wants to use the loan to spend on solar and wind projects.
The financial institutions the Gautam Adani-led companies are in touch with includes Barclays Plc, BNP Paribas SA, Deutsche Bank AG, First Abu Dhabi Bank PJSC, Rabobank and Standard Chartered Plc, reported the agency, citing sources.
The Adani Group hasn't commented on the matter as yet.
The transaction hasn't been finalized yet and could be signed before December.
This comes days after Adani Group closed a $3.5 billion loan deal to refinance existing debt taken to purchase Ambuja Cements Limited. It was among 10 biggest loan deals in Asia this year.
These back-to-back loan deals could provide a fillip to the investor sentiment that had dampened after Hindenburg published a damaging report alleging stock market manipulation against the conglomerate.
Gautam Adani was India's richest person earlier this year when Hindenburg accused his conglomerate of stock manipulation. Within weeks of the allegations, his net worth plummeted to 40 billion dollars after a blood bath on the markets.
The group has recovered some lost wealth but is far from the levels it witnessed earlier this year.
Gautam Adani's personal wealth has increased to over 50 billion dollars, per Forbes.
