The banks involved include Barclays Plc, BNP Paribas SA, Deutsche Bank AG, First Abu Dhabi Bank PJSC, Rabobank and Standard Chartered Plc, they said. A representative of Adani Group declined to comment.
The transaction hasn’t been finished and the terms could still change. If signed before late December, it would be the one of the 20 biggest major currency loans in Asia this year, according to Bloomberg-compiled data.
The potential borrowing is taking place just a few weeks after Adani Group completed a $3.5 billion funding package to refinance debt used to purchase Ambuja Cements Ltd. and ACC Ltd. The capital raising is another sign the conglomerate has at least partially rebuilt investor confidence after suffering a scathing shortseller attack earlier this year that caused some banks to balk on debt refinancing.
(With assistance from Divya Patil and Jacqueline Poh)