Adani repays $200 million Holcim debt

Adani Cement Industries Ltd. has pre-paid $200 million to international banks, in an effort to reduce its $1 billion mezzanine loan received for the purchase of Indian businesses of Holcim Ltd., according to Bloomberg. The payment will support Adani’s request for a three-year loan extension. The Adani Group successfully acquired Ambuja Cements and ACC Ltd in 2022, elevating the business to the position of the second-largest cement supplier in India. However, in January, US-based short-seller Hindenburg Research accused the corporation of misbehavior. Since then, Adani has repaid share-backed loans totaling $2 billion in full, timely repaid bonds, and obtained an additional $1.9 billion investment from Rajiv Jain of GQG Partners.

NewsOTG gathered that in the 1980s, Adani began as a polymer importer and exporter before eventually diversifying into infrastructure. In the 1990s, he constructed a port in Mundra, Gujarat, and expanded his holdings to include coal mines, power plants, and airports. The Carmichael project in Australia, one of the biggest open-pit coal mining operations in the world, was one of the biggest international agreements he closed in the last ten years. Adani entered the news business last year by acquiring control of the independent news organization NDTV. The rise of the Indian economy, which is currently the fifth largest in the world, and the performance of the Adani Group can be compared in some aspects. The 68-year-old industrialist Adani wants to improve India’s crumbling infrastructure.

He maintains a low profile, practices Jainism, and has tight control over his business. The ownership structure of his business has come under fire from Hindenburg. Prior to Hindenburg’s accusations, interest was raised in the rising share price of an Adani subsidiary. The stock was allegedly being manipulated after trading activity was linked to holding firms in tax havens. According to Hindenburg, shares of Adani’s seven subsidiaries have increased by more than 800% during the last three years. Additionally, Ketan Parekh, a Mumbai stockbroker, used his company to manipulate the stock market. Adani’s company was also under investigation for alleged tax fraud involving coal imports but was ultimately found not guilty.