Soon After US Court Drops Fraud And Bribery Charges Against Gautam Adani And His Nephew, AdaniConnex Pvt. Ltd. Lands $800 Million Loan
The data-centre joint venture between Adani Enterprises and EdgeConneX raised the financing from international lenders shortly after a US court dismissed criminal charges against Gautam Adani and Sagar Adani.
AdaniConneX secures fresh overseas financing for data-centre expansion.
AdaniConneX Pvt. Ltd., the data-centre joint venture between Adani Enterprises and EdgeConneX, has secured an overseas loan of about $800 million from a group of international lenders, a day after a US district court permanently dismissed criminal charges against Adani Group chairman Gautam Adani and his nephew Sagar Adani.
The financing comes as AdaniConneX continues to expand its data-centre business in India. According to media reports, the loan was secured from lenders including DBS Group Holdings, Mitsubishi UFJ Financial Group (MUFG) and Singapore-based Clifford Capital. Other lenders include ING Bank, Intesa Sanpaolo and Natixis, people familiar with the matter said.
The financing was raised through AdaniConneX, a 50:50 joint venture between Adani Enterprises and EdgeConneX, and is intended to support the company's data-centre expansion. The latest financing adds to AdaniConneX's earlier fund-raising from international lenders for its growing data-centre portfolio.
US court drops criminal charges against Adani, nephew
The loan comes shortly after US District Judge Nicholas G Garaufis dismissed the criminal case against Gautam Adani and Sagar Adani. The case had accused Adani and others of involvement in an alleged bribery scheme and of misleading US investors. The Adani Group has consistently denied the allegations.
The judge's order followed a request by the US Department of Justice to dismiss the criminal charges. The DOJ cited, among other factors, jurisdictional and evidentiary difficulties and its assessment of the case's foreign-policy implications.
While dismissing the case, Garaufis raised concerns about the manner in which the Justice Department arrived at its decision. Reuters reported that the judge questioned the involvement of senior DOJ official Trent McCotter and the decision-making process that led to the dismissal.
The dismissal ended the criminal proceedings against Adani and his nephew before a trial could take place. It did not involve a trial or adjudication of the underlying allegations.
AdaniConneX's earlier financing
The latest $800 million loan is not AdaniConneX's first major overseas financing. In April 2024, the company announced a $1.44 billion sustainability-linked construction financing framework, with an initial commitment of $875 million and an accordion feature allowing it to be increased to $1.44 billion. Agreements were signed with eight international lenders.
AdaniConneX had also secured a $213 million senior debt facility in 2023 to finance its under-construction data-centre portfolio in Noida and Chennai.
The latest financing therefore marks another major international debt raise for Adani's data-centre business, coming almost immediately after the US criminal case against two of the group's senior figures was brought to an end.