&w=3840&q=100)
Adani's Mumbai Airport secures $750 mn deal with Apollo-led investor group
The agreement also allows for up to $250 million in additional funding for capital expenditure and capacity expansion needs
Apexa Rai New Delhi
Mumbai International Airport Ltd (MIAL), a subsidiary of Adani Airports Holdings Limited (AAHL), has secured a $750 million investment from a consortium of global investors led by Apollo Global Management Inc to refinance its existing debt, in a deal that allows operational flexibility.
The funds will be used to refinance a loan raised in 2022, Apollo said in a statement. The financing structure also permits up to $250 million in additional capital for infrastructure upgrades and capacity expansion.
'Working with the Adani Group, we are pleased to deliver a scaled, bespoke capital solution for MIAL, supporting a critical infrastructure asset and the next phase of its ambitious growth capex plans,' said Apollo Partner Jamshid Ehsani. 'This marks Apollo's second large financing for MIAL, having previously provided operational flexibility to deleverage and now delivering an investment grade rated solution.'
Arun Bansal, CEO of AAHL, added, 'This financing provides us with greater operational flexibility and positions us to further enhance the airport experience for millions of travelers. With Apollo's continued support and the Adani Group's proven execution capabilities, we are well-positioned to realize our vision of transforming MIAL into a world-class asset with a focus on efficiency, comfort and sustainability.'
According to a Bloomberg report from June, MIAL is expected to be spun off and listed by March 2027.
MIAL operates the Chhatrapati Shivaji Maharaj International Airport in Mumbai, the second-largest airport in India. It is managed by Adani Airport Holdings Ltd, a unit of Adani Enterprises Ltd—the flagship firm of billionaire Gautam Adani's globally diversified Adani Group. The airport is operated through a public-private partnership in which Adani Airport Holdings holds a 74 per cent majority stake, with the Airports Authority of India(AAI) owning the remaining 26 per cent.
The Adani Group, which has interests ranging from ports to renewable energy, has been working to restore lender confidence following allegations of bribery brought against it in the US last November.
In May, Life Insurance Corporation of India was the sole subscriber to a record ₹5,000 crore ($585 million) 15-year bond issue by Adani Ports & Special Economic Zone Ltd.
In this latest offshore fundraising round, other participating lenders reportedly include MetLife Inc, BlackRock Inc, and Hong Kong-based FWD Insurance, according to Bloomberg News.
The private placement of four-year bonds with long-term institutional investors such as insurers reflects the company's broader strategy to lengthen average debt maturities.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
41 minutes ago
- News18
‘Pinned Shawl, Tucked-In Shirts': Indian Company's Dress Code Screams Back To School
Last Updated: The post also included the screengrab of the offer letter rolled out by the company for the position of a developer with a monthly salary of Rs 12,000. A company has found itself in the spotlight for all the wrong reasons after enforcing a dress code that feels straight out of a school rulebook. According to a now-viral social media post, the organisation asked its employees to follow a rigid attire policy, including 'chudidhar suits with pinned shawls", 'tucked-in shirts", and 'neatly tied hair with ribbons." The detailed guidelines have drawn criticism online. Titled 'What even is this," the post was shared on Reddit with the caption, 'My friend got an offer letter, and we were going through it, and just wow. What does tucking in shirts or pinning a shawl even have to do with the work people do???" The post also included a screengrab of the offer letter rolled out by the company for the position of a developer with a monthly salary of Rs 12,000. The offer letter came with a section titled 'Dress Code and Grooming" that highlighted strict attire rules for men and women in the company. For men, formal wear and tucked-in shirts are mandated, with a ban on T-shirts. Jeans are permitted, but on a condition. They should be paired with a tucked-in shirt. 'Beard must be well-trimmed and groomed, 'it read. The company has stricter rules when it comes to women. They are only allowed to wear kurtas and churidars with shawls, which should be 'properly pinned." 'Strictly required to wear chudidar with properly pinned shawl. Loose/open hair is not allowed. Hair should be tied with a ribbon and maintained neatly. Attire must always be neat, modest, and appropriate," the policy for women read. As the post gained traction, social media users began comparing the rules to a strict dress code in schools. One user joked, 'Welcome back to school, guys. Also, they forgot to mention no running in the corridor and pin-drop silence." Another wrote, 'Why the h*ll don't they just ask women to wear formals if it's about 'professional' clothing? This isn't about professionalism, this is straight up misogyny." 'Which school is this? Are they taking mid-year admissions?" quipped another, stunned by the 'decorum' the company maintains. Earlier this year, an employee at a Pune-based company was fined Rs 100 for not wearing traditional attire during a Gudi Padwa celebration organised at the office. The incident came to light after the employee shared her experience on Reddit. She explained that, having just moved to a new city, she didn't own any traditional clothes and couldn't afford to buy any due to month-end financial constraints. Instead, she wore a white formal shirt and jeans. Despite her explanation, the HR department fined her for violating the dress code. The post went viral.
Time of India
an hour ago
- Time of India
Uber-backed electric bike startup Lime hires banks for US IPO, sources say
Founded in 2017 and now led by former Uber executive Wayne Ting, Lime provides short-term rentals of electric bikes and scooters in more than 280 cities in nearly 30 countries, according to its website. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Lime, a startup backed by Uber Technologies that operates an electric bike and scooter network, has hired investment banks to help it prepare for a long-awaited US initial public offering, according to people familiar with the San Francisco-based startup is making preparations for a stock market launch that could happen next year, according to three people, with one of them adding Goldman Sachs and JPMorgan Chase have been retained to help with the IPO could value the firm significantly higher than its valuation in 2020 when Uber led a funding round, according to the source. Reports at the time pegged Lime's valuation at about $510 the sources spoke on condition of anonymity to discuss confidential Goldman, and JPMorgan declined to in 2017 and now led by former Uber executive Wayne Ting, Lime provides short-term rentals of electric bikes and scooters in more than 280 cities in nearly 30 countries, according to its eyed the public markets for several years, Lime's latest IPO attempt comes as the listing market is witnessing early signs of a recovery following an arid spell that lasted for more than two in June, stablecoin issuer Circle Internet raised more than $1 billion from its IPO and the company's stock surged on its debut in New year, IPOs in the U.S. have raised nearly $27 billion, up nearly 45% from the same period last year, but still way off the all-time peak of roughly $177 billion that was raised in 2021 during the same period, according to data from Dealogic.A listing for Lime would be a test of confidence in both the IPO market and the kind of technology startup that has been shunned by investors in recent years due to financial companies in the so-called micromobility sector, in which Lime operates, have struggled to overcome regulatory hurdles and the high costs of doing business. Some have filed for bankruptcy, including fellow e-scooter operator February, Lime reported a 32% growth in net revenue to $686 million for 2024 and said it was free cash flow positive for the second consecutive year.
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
Vedanta Resources secures $600 mn loan to refinance private credit facility
London-based Vedanta Resources Limited (VRL), the parent firm of Mumbai-listed mining conglomerate Vedanta Ltd, has secured a term loan facility of up to $600 million that will be used to refinance a high-cost private credit facility, according to a communication sent to bondholders. The first tranche of $380 million has been committed, with the remaining $220 million expected to be finalised shortly with other participating banks. Lenders for the $380 million facility comprise a consortium of Gulf, Japanese, and European banks, including First Abu Dhabi Bank, Mashreq, Sumitomo Mitsui Banking Corp, and Standard Chartered. "The facility carries a door-to-door tenor of over four years, with an average maturity of approximately three years and a pricing of SOFR (Secured Overnight Financing Rate) plus 450 basis points. "This proactive refinancing, combined with internal cash flows, positions us to fully repay the PCF facility - substantially enhancing our credit profile by increasing average debt maturity beyond four years and reducing our overall cost of debt to single digits," said the communication to bondholders. With savings of over 900 basis points in the interest costs for the $ 550 million refinancing, this will result in total annual interest savings of around $50 million for the company. In its communication, VRL said, "This transaction reflects the continued confidence of global financial institutions in Vedanta's credit quality and strategic vision. It underscores our commitment to prudent capital management, proactive refinancing, strengthened financial flexibility, and long-term value creation." VRL is also looking for a credit rating upgrade to BB levels on the back of its proactive refinancing and improving financial and operational performance. In the medium term, the company plans to achieve an Investment Grade rating supported by its robust earnings, healthy free cash flows, ongoing growth projects, strengthened balance sheet and deleveraging plans. An investment-grade credit rating signifies a company's strong capacity to meet its financial obligations and is considered a safe investment for institutional investors. It also allows a company to borrow money at lower interest rates, attracting a broader range of investors and gaining easier access to global debt markets. The refinancing is part of VRL's efforts to manage its debt profile as it seeks to optimise cost and extend maturities. As of March, VRL's debt hit a decadal low of $4.9 billion, as the company deleveraged its balance sheet by over $4 billion in the last three years. The group continues to focus on deleveraging and bringing down its cost of finance, stating in a recent earnings call that in FY25 its group-level debt reduced by $1.2 billion, of which $0.7 billion was at VRL and the rest $0.5 billion was at its Indian listed subsidiary, Vedanta Limited. The Indian conglomerate said in its recent earnings call that the company and its parent entity "now maintain a stronger leverage position (net debt to EBITDA ratio) than most of their key global peers". Over the past few quarters, VRL has refinanced its entire $3.1 billion bonds, which has helped the company flatten its maturity curve and extend the maturity to more than eight years, reducing VRL's cash requirement and average coupon rate by 250 bps.
