BUSINESS

Gautam Adani seeks $1 billion in bonds to refinance Mumbai airport debt

Gautam Adani is seeking to raise as much as one billion dollars through a bond sale in January to refinance debt of Mumbai’s international airport

Billionaire Gautam Adani is seeking to raise as much as one billion dollars through a bond sale in January to refinance debt of Mumbai’s international airport, according to people familiar with the matter.

Barclays Plc., JPMorgan Chase & Co. and Deutsche Bank AG are among the banks arranging the bond sale to raise funds for Adani Airport Holdings Ltd., the people said, asking not to be named as the information is private. The proceeds will be used to refinance a rupee loan taken earlier this year, they said.

The Indian tycoon took control of the country’s second-busiest airport in July after buying out 50.5% from GVK Airport Developers Ltd. and 23.5% from two South African companies. Adani Airports will operate, manage and develop eight airports in India, it said in its latest investor presentation.

Deliberations are ongoing and details of the fund raising could still change, the people said. Representatives for the Adani group didn’t immediately respond to emails seeking comments. Spokespersons for Deutsche, Barclays and JPMorgan declined to comment.

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