Adani Cement refinanced loan of 3.5 billion dollars, got loans from 10 international banks

Adani Cement, the cement company of billionaire Gautam Adani's Adani Group, today said that the company has refinanced the US$ 3.5 billion loan taken for the acquisition of ACC and Ambuja Cement.

The group said that at least 10 international banks have refinanced this loan. According to media reports, these banks include Barclays, Deutsche Bank Standard Chartered, and other banks.

Loan refinance in simple words means replacing an existing loan with another loan with more favorable terms and conditions. In other words, loan refinancing means replacing the existing loan with a new loan.

Loan refinance is typically used to take advantage of new financing that offers more favorable terms and conditions. In such a situation, a person or company settles its existing outstanding loans by issuing new loans with more favorable terms or conditions.

According to media reports, Adani Group has been in talks with banks for months for refinancing. Adani Group suffered huge losses after the Hindenburg report. There was a significant decline in the shares of all the 10 companies listed in the stock market of the Adani Group, due to which the wealth of Gautam Adani was also affected.

Forbes recently released the list of the 100 richest people in which Gautam Adani was ranked second. The Adani family's wealth had fallen to $68 billion due to the Hindenburg report on their assets.

However, a year ago Gautam Adani was in first place in the Forbes list. Currently, according to the Forbes 2023 list, Reliance Industries Chairman Mukesh Ambani is in the first position.