Adani Transmission Limited is raising up to $1.15 billion through offshore loans to fund at least four projects in Gujarat and Maharashtra. The four projects are the Western Region Strengthening Scheme, Lakadia Banaskantha Transco, Kharghar Vikhroli Transmission and the Mumbai high voltage direct current (HVDC) project. The total project cost is about $1.55 billion, with the HVDC project forming nearly one-third. The loan could primarily be for five years and priced after adding a spread, or mark-up, to the London interbank offered rate. At least four banks, Standard Chartered plc, MUFG Bank Limited, Barclays plc and JPMorgan Chase and Company, are likely to syndicate the proposed loans.