The loan proceeds would be used to build new capacity in solar and wind projects, according to people familiar with the matter.The banks involved include Barclays Plc, BNP Paribas SA, Deutsche Bank AG, First Abu Dhabi Bank PJSC, Rabobank and Standard Chartered Plc, said the people, who asked not to be named because the matter is private.
A representative of Adani Group declined to comment.
The transaction hasn’t been finished and the terms could still change. But if signed before late December, it would be one of the 20-biggest major currency loans in Asia this year, according to Bloomberg-compiled data.
The potential capital raising adds to evidence the conglomerate has at least partially rebuilt investor confidence after being thrown into a tailspin by allegations of malpractice by short seller Hindenburg Research. That caused some banks to balk at debt refinancing early this year.
Adani has repeatedly denied the accusations, and in a sign of improved sentiment the group completed a $3.5 billion funding package to refinance debt used to purchase Ambuja Cements Ltd and ACC Ltd.