A unit of billionaire Kumar Mangalam Birla’s conglomerate has received as much as 240 billion rupees ($2.5 billion) in commitments from at least four banks for an acquisition loan, 70% more than what it was planning for, according to people familiar with the matter.
Aditya Birla Group is seeking a 140 billion-rupee loan to finance the acquisition of Shell Plc’s renewable energy assets in India. Axis Bank and State Bank of India have each committed up to 70 billion rupees, while Union Bank of India and Punjab National Bank have offered credit lines of around 50 billion rupees apiece, the people said, asking not to be identified discussing private information. The actual disbursements would be less than those ceilings, they said.
