Adani Group re-pays loan amount to the tune of Rs.4000 crores!
In a major move of damage control and to instill confidence amongst the investors, Adani Group has re-paid about Rs.4000 crores ($ 500 million) to global banks well within the mutually agreed upon deadlines, according to one of the Group representative’s confirmation. According to him these funds were released on Tuesday. It may be recalled that some banks have expressed their reservations in offering loans to Adani Group companies as a consequence of Hindenburg report.
However, Adani Group has completed the payment of about 16 thousand crores of rupees linked to share related loans, well in advance. Moreover, according to reports, Adani Group could manage getting an investment of about 15 thousand crores from star investor Rajiv Jain’s partners.
In view of these developments, it was estimated that Adani Group’s losses to the tune Rs.10 lakh crores were covered out of Rs.12 lakh crores according to the estimates of the industry experts.
According to reports, various Global banks have extended loans to the tune of Rs.36,000 crores to this major industrial group of Adani. Adani has sought and got this loan to buy the properties of one of the major global companies, Holcim Limited Cement. Part of this loan re-payment date closes on this Wednesday. The balance loan amount is expected to be cleared by Adani Group in the year 2024.