Wall Street giants Blackrock and Citadel are in talks with billionaire Gautam Adani to acquire $750 million debt that the Adani Group is seeking to refinance, The Economic Times has reported.
While Moneycontrol couldn't independently verify the report, Citadel spokesperson has denied the report, calling it "incorrect".
Earlier in May 2022, the Mumbai International Airport Ltd (MIAL) raised $750 million via dollar-denominated bonds from credit funds managed by private equity firm Apollo. MIAL owns and operates the Chhatrapati Shivaji Maharaj International Airport (CSMIA) in Mumbai, the second largest airport in India. MIAL is majorly owned by Adani Airport Holdings (AAHL), which in turn is a wholly-owned subsidiary of Adani Enterprises.
According to the report, Apollo is expected to roll over a part of the existing exposure and continue to remain invested. The board of Adani Airport Holdings passed a special resolution a fortnight ago "with the requisite majority" to approve the refinancing.
The conglomerate is looking to raise another $750 million for Adani Airport Holdings to fund upgrades and expansion of several of its airports. This would include $300 million in fresh debt, with the rest being refinancing, the report said.
The Adani Group is the largest private airport operator in the country. It operates airports in Ahmedabad, Lucknow, Mangaluru, Mumbai, Jaipur, Guwahati and Thiruvananthapuram.
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