Adani Cement, through Endeavour Trade and Investment Ltd,is pleased to announce the successful completion of its refinancing program foracquisition debt taken for Ambuja and ACC, through a USD 3,500 million financingpackage, raised from a clutch of international banks. This showcases Adani's robust accessto the global financial market and strong liquidity position. 

This achievement reflects ourcommitment to financial stability and growth. This facility will result in an overall costsaving of ~ USD 300 million for the Adani Cement vertical.

Adani Cement is the second largest cement player in India, with the USD 6.6 billionacquisition of Ambuja and ACC ( two of the storied brands of India) completed by the Adanicement, the largest acquisition in infrastructure and materials space concluded in Sep 22.The USD 3.5 billion facility marks the continued execution of the capital management planoutlined in Sep 2022 that will see step wise planned deleveraging of Adani Cement. Withcement vertical Net Debt to EBITDA now under 2x.

Currently, Ambuja Cements and ACC have a combined installed production capacity of 67MTPA to conclusively mover to 100 MTPA by 2025 with the announced acquisition ofSanghi Cement. ACC & Ambuja are among the strongest brands in India with immensedepth of manufacturing and supply chain infrastructure – these along with benefit fromsynergies with the integrated Adani infrastructure platform, especially in the areas of rawmaterial, renewable power and logistics, where Adani Portfolio companies have vastexperience and deep expertise has resulted in to improvement in the EBITDA / Ton fromINR 340 / ton in quarter ending Sep 22 (immediately after the acquisition) to INR 1,253 /ton in the quarter ending Jun-23 which represents embedded deleveraging throughelevated coverage positioning.

The transaction was financed by facilities aggregating to have USD 3,500 million from 10 international banks. DBS Bank, First Abu Dhabi Bank, Mizuho Bank and MUFG Bank actedas Mandated Lead Arranger and Bookrunners and Underwriter to the transaction. Inaddition, Barclays Bank PLC, BNP Paribas, Deutsche Bank AG, ING Bank, Sumitomo MitsuiBanking Corporation and Standard Chartered Bank acted as Mandated Lead Arrangers andBookrunners for the transaction.

Cyril Amarchand Mangaldas, Latham and Watkins acted as Borrower’s counsel for thefinancing with Allen & Overy LLP, Talwar Thakore and Associates acting as legal counselsto the lenders.