Gautam Adani looks to raise USD 10 billion debt to lower repayment burden

Gautam Adani. File pic/AFP

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, Bloomberg News reported on Friday, quoting people in the know.

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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 report comes over 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.

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