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Adani Group, the Indian ports-to-power conglomerate controlled by billionaire Gautam Adani, plans to raise as much as $6.4 billion from nearly a dozen global lenders to pay for its European storage takeover and refinance existing debt.
The borrowing plan, which surfaced on Nov. 13, would fund Adani Ports and Special Economic Zone Ltd.'s $2.9 billion purchase of Dutch liquid storage operator Evos B.V. and replace older loans across the group.
The Evos deal
Adani Ports, India's largest private port operator, agreed on Nov. 5 to buy all of Evos at an enterprise value of €2.56 billion ($2.87 billion). Evos is Europe's second-largest independent operator of liquid storage terminals, which hold fuel, chemicals and other bulk liquids at ports, and the deal is the group's biggest move into Europe.
The group has said it may fund as much as half of the purchase price with equity, about €1.28 billion ($1.43 billion), with debt covering the rest. It is also working to refinance about €1.3 billion ($1.46 billion) of borrowings already sitting at Evos.
Separately, the group has been seeking about $2.5 billion from Mitsubishi UFJ Financial Group Inc., Barclays Plc and Sumitomo Mitsui Banking Corp. to refinance debt taken on in 2022 to buy control of Ambuja Cements Ltd. and ACC Ltd. from Holcim in a $10.5 billion deal.
A busy month
The financing push comes as the group lays out its largest spending plan yet. On Nov. 10 it said it would invest more than $120 billion over five years, about 70% of it in energy. Its airport arm, Adani Airport Holdings Ltd., is also seeking about $1 billion of fresh equity from global investors, two months after raising a similar amount in September.
Adani's empire
Gautam Adani, 64, dropped out of college and worked as a diamond sorter in Mumbai before founding a commodities trading business in Ahmedabad in 1988. He built the group around the Mundra port in Gujarat and expanded into power, airports, cement, data centers and green energy. Forbes ranks him among Asia's richest people.
In Africa, Adani Ports runs Container Terminal 2 at Tanzania's Dar es Salaam port under a 30-year concession signed in 2024.
Figures were converted at €1 to $1.12.
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