Now Reading: Aditya Birla arm seeks $1.5 billion rupee loans for Shell acquisition
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Aditya Birla arm seeks $1.5 billion rupee loans for Shell acquisition
Aditya Birla arm seeks $1.5 billion rupee loans for Shell acquisition
Aditya Birla Renewables is seeking $1.5 billion in rupee-denominated loans to fund its $1.8 billion acquisition of Shell Plc's Indian renewable energy arm, three bankers said. The company agreed in July to buy Solenergi Power, which includes the Sprng Energy group companies.
The firm had earlier secured a $1.6 billion bridge loan commitment from MUFG Bank. The longer-term project-level loans would be backed by assets and reduce funding costs, the bankers said.
The loan tenor is expected to be about 80% of the project's lifecycle, split across 17-20 special purpose vehicles. The company has approached State Bank of India and HDFC Bank. The transaction is yet to close, so no payment is immediately due.
Indian Opinion Analysis
Coverage: 2 sources, 2 neutral
Sources (2): economictimes.indiatimes.com (neutral report), thehindubusinessline.com (neutral report)
This brief was synthesised by AI from the 2 sources linked above, so one read covers every framing they carry. Methodology and corrections.
