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Adani's Cement Debt Journey Took Three Years and Two Major Refinancing Rounds
Endeavour Trade and Investment Ltd, Adani Cement has successfully concluded its refinancing worth $3.5 billion from 10 international banks via its owned subsidiary.
The structure of the deal is expected to save about $300 million for the entire Adani Cement vertical, comprised of Ambuja Cement and ACC.
In addition, there has been significant movement from Adani Group towards domestic financing, as evidenced by the fact that the Group raised an equivalent of $2 billion from Indian lenders in 2025.
Ten times more than what it borrowed the previous year, says Group CFO Jugeshinder Singh. It hopes to borrow up to $10 billion from domestic sources in the next three years.
Whereas the wider spotlight on the Adani Group makes it hard for US banks to conduct syndicated financing for the conglomerate, at least for the moment, it has managed to get some of them.
The move towards domestic financing means reduced dependence on global syndicated markets, which have become cautious on lending to the company due to the 2023 Hindenburg crisis.
But from a long-term point of view, depending too much on domestic funding may prove challenging to India's corporate bond market.
The table helps you to understand the key financial milestones in Adani's cement acquisition debt journey.
Here are the details:
Borrowed from 14 global banks
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The improvement in EBITDA per tonne from ₹340 at the time of the acquisition in September 2022 to ₹1,253 by June 2023 reflects the genuine operational turnaround in Ambuj.
Adani’s cement venture is very pertinent to ordinary Indians because Ambuja Cements and ACC combined constitute the second-largest cement platform in India.
The $3.5 billion debt refinance has helped Adani Cement save about $300 million on financing costs, which could now be used for expanding capacities, enhancing logistics, and stabilising pricing.
Reduced debt service costs will, over time, result in competitive pricing of products to builders and infrastructure contractors.
Adani Group’s strategy of raising $10 billion in three years through Indian debt markets carries wider implications.
Increased maturity in the Indian corporate bond market shows that local institutions have started funding infrastructure projects that earlier were solely financed by international banks.
According to Adani Group CFO Jugeshinder Singh.
The group plans to continue expanding the domestic capital footprint due to better banking connections with Indian banks and increasing liquidity in the domestic bond market.
The analysts do not only view this move as an answer to global banks.
But also as a strategic long-term measure aimed at minimising foreign exchange risks and maintaining strong ties with domestic investors.
However, the risk involved here is the concentration risk.
Borrowing $10 billion worth of money in just three years from the domestic market is quite a challenge for even such a big banking market as India.
Monitoring of group exposures at individual banks will be crucial to prevent the system from bearing excessive risk from a single company.
The $5.25 billion Adani acquisition financing and refinancing story over the last three volatile years is one of financial survival. The move to domestic debt markets signals a new era. Properly executed, it has the potential to develop the Indian debt markets further and fund some of the nation's key infrastructure projects.
How is the Adani Group exploring alternative refinancing options for the M&A loans used to acquire ACC and Ambuja Cements after ruling out bond issuance?
A billion loan facility tied to its ACC and Ambuja Cements acquisitions. After ruling out international bond issuance, the conglomerate is utilising recent Reserve Bank of India (RBI) regulatory changes that permit local lenders to fund or refinance domestic mergers and acquisitions.
Why is Adani buying the cement companies ACC and Ambuja Cement?
The Adani Group entered the cement business to capitalise on sustained, government-led capital expenditure and the surge in housing and urban development across India.
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