The Adani group has reportedly raised $200 million from Qatar National Bank as part of an exercise to refinance a $3.5 billion loan taken to buy Holcim India’s cement business last year.

A Moneycontrol report said the loan agreement with the Qatari bank was signed last week.

In October, Adani Cement refinanced the $3.5 billion loan to acquire ACC and Ambuja Cements.

The company said a group of international banks offered the financing package that would save $300 million in costs.

As many as 10 international banks participated in the facility, which had a debt maturity of three years.

The exercise reinforced the group’s access to capital after the setback suffered from the Hindenburg report released earlier this year.

The refinancing had seen the Adani family infusing $300 million via equity.

This has reportedly been replaced by some of the debt secured from Qatar National Bank.

Ambuja Cement and ACC have a combined installed production capacity of 67 million tonnes per annum which will go up to 100 million tonnes by 2025 with the acquisition of Sanghi Cement.

The Adani group is the second largest cement maker after Kumar Mangalam Birla-led UltraTech Cement.

The conglomerate intends to further take up the capacity to 140 million tonnes by 2027.

While the shares of ACC on Tuesday ended lower by 1.45 per cent at Rs 2,203.85 on the BSE, Ambuja Cements settled flat at Rs 522.30.

Earlier this month, Ambuja Cements completed the acquisition of Sanghi Industries Limited for an enterprise value of Rs 5,185 crore.

ACL had closed the purchase at a revised offer price of Rs 121.90 per share.

SIL has a 2,700-hectare integrated manufacturing unit at Sanghipuram in coastal Gujarat.

It has India’s largest single-location cement and clinker facility — comprising two kilns with a clinker production capacity of 6.6 million tonnes, a cement grinding unit of 6.1 million tonnes, a dedicated 13 MW captive power plant and a 13 MW waste heat recovery system.