Adani Transmission raised $500 million in a private rupee bond deal to refinance dollar debt amid rising global rates and U.S. scrutiny.

Adani Transmission Step-One Limited, a unit of Adani Energy Solutions, raised $500 million in a private debt deal with Apollo Global Management, issuing 15-year rupee-denominated bonds at an 8.5% all-in cost to refinance maturing dollar bonds. The move reflects the Adani Group’s shift from volatile public dollar markets to private placements and domestic lenders amid rising global borrowing costs and ongoing U.S. regulatory scrutiny. The funding supports the group’s infrastructure expansion, with significant capital spending planned over the next five years. Apollo cited strong Indian economic growth and power demand as key drivers for continued investment confidence.