Gautam Adani Group Looking To Raise At Least $10 Billion In New Debt

Using multiple instruments including foreign currency debt and green bonds, the Adani Group plans to raise up to $6 billion to swap its existing high-interest debt with lower-cost borrowings.

Indian billionaire Gautam Adani's group is looking to raise at least $10 billion in new debt over the next year as his conglomerate seeks to refinance its high-cost borrowings and fund future projects, according to people familiar with the plans.

Using multiple instruments including foreign currency debt and green bonds, the Adani Group plans to raise up to $6 billion to swap its existing high-interest debt with lower-cost borrowings and deploy the rest for project financing, one of the people said, asking not to be identified as the information is private. The effort could start as early as the ongoing December quarter, the people said.

The move is aimed at lowering the ports-to-power group's overall burden of repayments, which has come under the spotlight as Asia's richest person pursues a string of ambitious acquisitions to diversify into sectors like green energy, digital services and media.

Despite rising interest rates worldwide, the conglomerate is confident of securing lower-cost loans due to its bigger asset base now, said the people. The timing of this fundraising effort, however, may change according to global market conditions, they said.