Adani Group has completed 33 acquisitions worth roughly Rs 80,000 crore (USD 9.6 billion) across its businesses since January 2023, highlighting sustained access to capital and steady execution despite the market disruption caused by short-seller allegations nearly three years ago. Analysts say improved transparency and ongoing engagement with lenders have helped stabilise funding, while consistent project execution kept operations on track.
The acquisitions have focused on the group’s core sectors. Ports led with deals worth about Rs 28,145 crore, followed by cement at Rs 24,710 crore and power at Rs 12,251 crore. Emerging businesses accounted for Rs 3,927 crore, while transmission and distribution added Rs 2,544 crore. These figures exclude the pending Rs 13,500 crore acquisition of debt-laden Japyee Group under bankruptcy proceedings, as well as other ongoing transactions.
This strategic push comes as Adani works to rebuild investor confidence after Hindenburg Research, a now-defunct US-based short seller, accused the group of accounting irregularities and stock manipulation in early 2023, allegations the company has consistently denied.
The conglomerate’s comeback strategy combines balance-sheet repair with selective expansion. It has prioritised deleveraging, equity infusions, and tighter capital allocation while continuing acquisitions in ports, cement, and power to maintain cash flows and scale advantages. Analysts note that these measures, along with transparent operations, have gradually eased investor concerns. Lower leverage, resumed deal-making, and the closure of regulatory proceedings signal that balance-sheet risks are being managed and strategic momentum restored.
In recent quarters, Adani has highlighted a resilient balance sheet, with net debt-to-EBITDA at around 3x, below its target range of 3.5x–4.5x, even as investments and expansions continue. The largest deal in the past three years was the Rs 21,700 crore acquisition of Australia’s North Queensland Export Terminal by Adani Ports and Special Economic Zones Ltd in April 2025. Cement acquisitions, however, were the most frequent.
Key cement sector deals include:
- August 2023: Ambuja Cements acquired a 56.74% stake in Sanghi Industries for Rs 5,000 crore.
- January 2024: ACC acquired Asian Concretes and Cements Pvt Ltd for Rs 775 crore.
- April 2024: My Home Group’s Tuticorin grinding unit for Rs 413.75 crore.
- June 2024: Rs 10,422 crore buyout of Penna Cement Industries.
- October 2024: Rs 8,100 crore acquisition of Orient Cement.
- April 2025: ITD Cementation stake acquisitions totaling Rs 5,757 crore.
Port sector deals included acquisitions of Karaikal Port (Rs 1,485 crore), Gopalpur Port (Rs 3,080 crore), Astro Offshore (Rs 1,550 crore), and Tanzania’s Dar es Salaam Port (Rs 330 crore).
Power sector acquisitions included Lanco Amarkantak (Rs 4,101 crore), Vidarbha Industries (Rs 4,000 crore), and Coastal Energen Pvt Ltd (Rs 3,335 crore). Other deals covered data centres, transmission, roads, and real estate.
Analysts say the combination of improved leverage metrics and consistent execution has restored confidence among lenders and investors, keeping balance-sheet risks in check despite the group’s capital-intensive profile.
Looking ahead, Adani plans a capital expenditure programme of around Rs 10 lakh crore over the next five years, focusing on a mix of greenfield and brownfield projects, along with selective acquisitions across infrastructure, energy, and logistics.
