Adani Ports confident of making $650 million foreign currency bond prepayments by Feb: Karan Adani
Adani Ports & SEZ is “confident” of repaying by Feb 2024, the $650 million of foreign currency bonds that are maturing next year, its CEO said Sunday.
“We have already prepaid $120 million and then another $190 million,” Karan Adani told reporters on the sidelines of the inauguration of its Vizhinjam port in Kerala.
“We are very confident that by January-February we will prepay the balance amount. And that was part of our commitment at the start of the year, when we had said our net debt-equity ratio will be 2.5X,”
Adani had in February said his company would repay Rs 5,000 crore worth of debt by next financial year.
Adani’s debt-prepayment is part of its efforts to win back investor trust, large swathes of which were eroded after an American short-seller Hindenburg alleged it of stock price manipulation.
As of June, the company had prepaid $2.65 billion worth of loans.
The company, that aims to become the world’s largest port operator by 2030, is looking at brownfield international port projects in Vietnam, Kenya and Tanzania, said CEO Adani.
The Vietnamese government had, in a statement in May, said it welcomed Adani’s investment in its Lien Chieu port and renewable energy projects.
Reports citing a government statement had pegged the planned investment at $3 billion.
“Outside India, our focus has been in south Asia east Africa and the Mediterranean side. We are looking at politically stable partners, strong partners and an established asset.
We are not too keen on greenfield development in these countries. We are looking at brownfield privatization projects,” said Adani.
He added international projects will account for 10%-12% of Adani Port’s cargo volumes as well as revenue by 2030.
Adani has a port in
