Comments
Adani Cement, through Endeavour Trade and Investment, has raised $3.5 billion to refinance the debt availed for acquisition of Ambuja Cements and ACC from Holcim in September, 2022.
The transaction was financed by 10 international banks with debt maturity of up to 3 years.
Adani Cement emerged as the country’s second-largest cement player after the $6.6 billion acquisition of Ambuja and ACC.
The Group’s cement vertical’s Net Debt to EBITDA ratio is now under two. , said the company.
Also read: Adani Cements rules out need to borrow for $5.5-billion capacity expansion
Currently, Ambuja Cements and ACC have a combined installed production capacity of 67 MTPA, it acquired Sanghi Cements in August with an aim to take overall production capacity to 100 MTPA by 2025.
Also read: Adani makes open offer to acquire 26% stake in Ambuja Cements
ACC and Ambuja have depth of manufacturing and supply chain infrastructure and enjoys the benefit of synergies with Adani Group’s mammoth infrastructure platforms.
This has improved EBITDA per tonne from ₹340 in the quarter ended September 2022 to ₹1,253 in the June quarter.
DBS Bank, First Abu Dhabi Bank, Mizuho Bank and MUFG Bank acted as Mandated Lead Arranger and Bookrunners and Underwriter to the transaction.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.