Barely two months after settling its major legal disputes in the US, the Adani Group has lined up nearly $10 billion in fresh capital and strategic investment commitments in the span of a week, providing early funding for the conglomerate's planned $100 billion investment programme through 2030.
The Gautam Adani-led group's fund mobilization spans equity raises, stake sales and long-term commitments from strategic partners, including global investors and sovereign-backed entities. The flurry of deals marks one of the largest capital-raising exercises by an Indian conglomerate in recent years and comes as the group accelerates investments across infrastructure, energy and manufacturing.
The fund mobilization includes $3.2 billion from equity through qualified placement of shares and a stake sale as well as a $6.6 billion commitment by strategic partners for joint investment to develop a port and an aluminium plant.
Just three months ago, the group's flagship Adani Enterprises Ltd had raised ₹24,930 crore ($2.6 billion) through a rights issue that closed in March. This was the second-largest rights issue in India following the ₹53,124 crore raised by Reliance Industries Ltd. in June 2020, as per Prime Database.
Adani's string of deals announced within a matter of months is one of the largest fundraisers by an Indian conglomerate in a short span, second only to that of Reliance, which had raised about $20 billion within three months by selling stakes in Jio Platforms Ltd to multiple global investors in 2020.
Adani Group chief financial officer Jugeshinder Singh had told Mint last year that the group plans to invest $100 billion over five years. For that, it would need to raise $30 billion to meet the equity part of the investment, with the rest expected to be funded through debt.
Mega fundraise
Among the deals announced is a ₹15,000 crore ($1.6 billion) qualified institutional placement of shares by Adani Enterprises Ltd (AEL), launched on 2 July, the largest such transaction in India outside of financial institutions, as per Prime Database. Only State Bank of India has raised more capital through a single QIP, at ₹25,000 crore, the data shows.
Investors in the Adani Enterprises QIP include mutual funds such as HDFC MF, ICICI Prudential MF, Kotak MF, Aditya Birla Sun Life MF, SBI MF and Tata MF, as well as global investors including Capital Group, Vanguard, Goldman Sachs, BlackRock, Blackstone and Nomura.
A similar ₹10,000 crore ($1.1 billion) QIP is planned by Adani Energy Solutions Ltd, with shareholders set to vote to ratify it on 25 July.
In another development, Adani Ports and Special Economic Zone (APSEZ) said on 30 June that it will sell a 49% stake in its new transshipment port at Vizhinjam in Kerala to a unit of global shipping major MSC for $539 million. In addition, Terminal Investment Ltd (TIL), the investing company, has committed to pay $858 million by December 2028 as its share of costs for a $1.75 billion capacity expansion at the port.
The week's deal announcements were wrapped up on Thursday, with the signing of a $11.5 billion 50:50 joint venture between Adani Enterprises and the UAE’s IHC Group for a greenfield aluminium plant in Odisha. The foreign investor has committed to pay $5.75 billion as its share of investment over the coming five years, while Adani will come up with an equal sum.
The Adani Group did not respond to Mint’s request for a comment.
“The recent fundraising has strengthened Adani Group’s balance sheet and provides meaningful financial flexibility,” said Jay Agarwal, analyst- advisory at PL Capital. “The priority is likely to be the execution of the existing capex pipeline rather than aggressive expansion.”
Once large infrastructure projects begin contributing to earnings over the coming few years, the group’s free cash flow will improve, which could create room for gradual deleveraging, Agarwal said. The pace at which Adani deleverages, however, would depend on future capital allocation and investment opportunities, he added.
The Adani Group had a gross debt of $39.1 billion across its 10 listed companies as of 31 March 2026, an investor presentation showed. This compares to $33.9 billion of gross debt a year ago. The group reported $10 billion in earnings before interest, tax, depreciation, and amortization (Ebitda) for FY26.
Adani Enterprises, which makes bulk of the conglomerate’s investments and hence has raised the most capital, was positioned at the centre of India’s capex cycle, giving investors multiyear earnings visibility, analysts at Morgan Stanley said in a note on 23 June.
The company’s portfolio spans airports, roads, data centres, renewable energy equipment manufacturing, copper, mining, poly-vinyl chloride, defence, and now aluminium.
“AEL is now entering a large earnings monetization phase, with multiple businesses reaching scale simultaneously,” the Morgan Stanley analysts noted. “Although we expect net debt to rise in absolute terms as capex momentum remains strong, net/Ebitda should improve as Ebitda ramps up across its key businesses.”
The fundraising spate comes soon after the Adani Group settled its key legal cases in the US, including a $275-million settlement in May between Adani Enterprises and the US Treasury over the purchase of sanctioned Iranian gas, as well as separate settlements by Gautam Adani and his nephew, Sagar Adani, with the US Securities and Exchange Commission and the Justice Department over bribery allegations.