Adani seeks $1 billion to refinance Mumbai Airport debt

Indian tycoon Gautam Adani is seeking a loan of about 75 billion rupees ($1 billion) to refinance existing debt of Mumbai’s international airport, according to people familiar with the matter.

Barclays Plc and JPMorgan Chase & Co. are among banks in discussions to provide the funds to Adani Airport Holdings Ltd., the people said. Deutsche Bank AG is also in talks to help with the financing, one of the people said.

Mumbai International Airport Ltd. has a debt of about 80 billion rupees, the people said, who asked not to be identified as the information is private.

A refinancing package would come after Adani Airport in August agreed to acquire the debt of GVK Airport Developers Ltd., which owns about 50.5% of the airport in the Indian financial hub. In February, Adani Airport completed the purchase of a 23.5% stake in the Mumbai airport by buying out two South African companies.

Deliberations are ongoing and details of the refinancing could still change, the people said. Representatives for Barclays, Deutsche Bank and JPMorgan declined to comment, while representatives for Adani and GVK didn’t immediately respond to requests for comment.