File photo: File photo: The Logo of the Adani Group can be seen on the facade of the Bedrijfshuis on the outskirts of Ahmedabad, India, November 21, 2024. Reuters/Amit Dave/photo/File photo | Photocredit: Amit Dave
Indian and foreign lenders have considerably increased their exposure to the Adani group for the past 12-15 months, betting on his infrastructure game consisting of cash flow that generates real assets.
The exposure of Indian lenders has risen more than 50 percent to more than £ 1.3 Lakh Crore, while that of foreign banks has risen by 16 percent to £ 71,744 crore. The share of domestic lenders in the total debt has risen to more than 50 percent now from 40 percent last year.
This is at a time when the founder of the billionaire of the Gautam Adani group is investigated by American supervisors for alleged wire and securities fraud and a bribery scheme.
Financing via US Dollar -Bonds, a favorite road for the group, fell by 11 percent during the period because the group consciously remained away from the overseas public bond markets pending the arrangement of the current probes against it.
In April it collected $ 750 million through a sale of a private bond, one third of which was subscribed by BlackRock.
The overseas bond meaners are long only investors and contain names such as BlackRock, AIA, Pimco, Fidelity, Apollo Global, Metlife, Cigna and Goldman Sachs.
Indian money lenders
The group has applied aggressive Indian institutions, and the proof of the trust that has been placed in it is the £ 5,000 crore that Life Insurance Corporation has invested in the non-convertible bonds issued by Adani-Havens and special economic zone in May of this year, to recall the short term.
The majority of the exposure increase by Indian lenders is justified by banks in the public sector led by State Bank of India and non-banking and institutional lenders.
Sources pointed out that the lenders get comfort from his robust cash flows-space £ 60,000 crore or about a quarter of the total debts and that it creates long-term infrastructure assets.
For example, about 80 percent of his recent capital expenditure has gone to expand his Green Energy portfolio. It is planning to spend around $ 70 billion in green investments.
Last financial year the Capex of the group was almost $ 15 billion and Adani has indicated an annual spending of $ 15-20 billion in the next five years.
Of the total EBITDA of almost £ 90,000 crore, more than 80 percent are justified by its core infrastructure companies that include its energy portfolio, transport and companies that are incubated under Adani Enterprises, such as airports.
The energy companies in its portfolio have concluded long -term electricity buy agreements that offer a visibility of cash for longer periods. In May, for example, Adani Green Energy signed a 40-year PPA for a 1.25 GW pumped Hydro project in Uttar Pradesh.
Adani Power also has a 25-year agreement to deliver thermal stream to the state.
Published on September 11, 2025
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