New Delhi: Adani Group has completed 33 acquisitions worth about ₹80,000 crore (USD 9.6 billion) across its portfolio since January 2023, underscoring a sharp turnaround in capital access after the Hindenburg Research short-seller report wiped out over ₹10 lakh crore of market value nearly three years ago. Market data show that the conglomerate has resumed an aggressive yet selective expansion strategy, even as it works to reassure investors about leverage, cash flows and governance standards.
Where the money went: ports, cement, power
The acquisition drive is concentrated in Adani’s core infrastructure sectors, led by ports with deals worth around ₹28,145 crore, followed by cement at roughly ₹24,710 crore and power assets at about ₹12,251 crore. Newer, incubating businesses such as data centres and green energy projects contributed another ₹3,927 crore, while transmission and distribution transactions added approximately ₹2,544 crore.
Among the largest recent deals was the ₹21,700‑crore buyout of Australia’s North Queensland Export Terminal (NQXT) by Adani Ports and Special Economic Zone in April, cementing the group’s control over a key coal export facility. In the cement vertical, Ambuja Cements and ACC snapped up stakes in companies such as Sanghi Industries, Asian Concretes and Penna Cement Industries, consolidating Adani’s position as one of India’s biggest building‑materials players.
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Power sector and other strategic buys
In power, Adani added stressed but strategically located plants, including Lanco Amarkantak (about ₹4,101 crore), Vidarbha Industries (₹4,000 crore) and Coastal Energen (₹3,335 crore), boosting generation capacity while betting on improved demand and tariff recovery. The group also picked up road, real‑estate and data‑centre assets, aligning with its broader logistics‑plus‑infrastructure play.
The list of closed deals does not yet include the proposed ₹13,500‑crore acquisition of debt‑laden Jaypee Group assets under insolvency, which remains pending regulatory and creditor approvals. Several other transactions in the pipeline are similarly excluded, suggesting the final tally of expansion could climb further if they go through.
Comeback strategy: repair first, then expansion
Adani’s post‑Hindenburg strategy has revolved around cutting leverage, infusing fresh equity and tightening capital allocation while still pursuing scale in core businesses. Management has repeatedly highlighted an improvement in net‑debt‑to‑EBITDA ratios to around three times, compared with higher levels before the crisis, and has used prepayments, bond redemptions and stake sales to global investors such as GQG Partners to shore up the balance sheet.
Analysts say this mix of balance‑sheet repair and targeted acquisitions has helped restore confidence among lenders and bondholders, who view the group’s cash‑flow visibility from ports, power and cement as a key mitigant to its capital‑intensive profile. Improved transparency, more frequent disclosures and direct engagement with global investors are also cited as factors behind the successful financing of recent deals.
Beyond the crisis: long‑term capex plans
Looking ahead, Adani Group has outlined a capital‑expenditure pipeline of about ₹10 lakh crore over the next five years, spanning green energy, transport infrastructure, logistics, data centres and city‑gas networks. The company says growth will come through a mix of greenfield projects, brownfield expansions and selective M&A, with a continued emphasis on keeping leverage within articulated comfort ranges. For in-depth report read here by The Economic Times.
While critics of the group and supporters of the original Hindenburg thesis remain sceptical, the scale and breadth of the post‑2023 deal flow indicate that capital markets and lenders are, for now, treating the conglomerate’s recovery story as credible. For investors, the key questions ahead will centre on execution of these newly acquired assets, regulatory scrutiny and the group’s ability to maintain disciplined debt levels through the next investment cycle.
