The Adani Group has completed 33 acquisitions totaling approximately ₹80,000 crore (USD 9.6 billion) across its businesses since January 2023, highlighting the conglomerate’s strong access to capital and consistent execution following the Hindenburg Research allegations nearly three years ago.
The acquisitions were largely concentrated in the group’s core sectors, with ports leading at ₹28,145 crore, cement at ₹24,710 crore, and power at ₹12,251 crore. Other segments, including newer incubating businesses, accounted for ₹3,927 crore, while transmission and distribution contributed ₹2,544 crore. The tally does not include the pending ₹13,500 crore acquisition of debt-laden Japyee Group under bankruptcy proceedings.
This strategic buying spree comes as the Adani Group works to restore investor confidence after Hindenburg Research accused it of accounting irregularities and stock manipulation in early 2023—claims the conglomerate has consistently denied.
Strategic Focus and Execution
Adani’s comeback strategy combines balance-sheet repair and selective expansion. The group has prioritized deleveraging, equity infusions, and disciplined capital allocation while continuing acquisitions in ports, cement, and power to protect cash flows and scale advantages. Analysts note that improved transparency and engagement with lenders have stabilized funding, while steady project execution has kept operations on track.
In recent quarters, the group has highlighted its resilient balance sheet, reporting a net debt-to-EBITDA ratio of about 3x, below its guidance range of 3.5x to 4.5x, even as it continued investments across sectors.
Notable Acquisitions
The largest deal among the 33 was the ₹21,700 crore acquisition of Australia’s North Queensland Export Terminal (NQXT) by Adani Ports and Special Economic Zones Ltd in April 2025. Cement acquisitions were the most frequent, including Ambuja Cements’ 56.74% stake in Sanghi Industries for ₹5,000 crore (August 2023), ACC’s acquisitions of Asian Concretes & Cements (₹775 crore) and My Home Group’s Tuticorin grinding unit (₹413.75 crore), and the ₹8,100 crore buyout of Orient Cement in October 2024.
In the ports sector, acquisitions included Karaikal Port (₹1,485 crore), Gopalpur Port (₹3,080 crore), Astro Offshore (₹1,550 crore), and Dar es Salaam Port in Tanzania (₹330 crore). Power sector deals included Lanco Amarkantak (₹4,101 crore), Vidarbha Industries (₹4,000 crore), and Coastal Energen Pvt Ltd (₹3,335 crore). Other deals spanned data centres, electricity transmission, roads, and real estate.
Future Outlook
Looking ahead, the Adani Group has outlined a capital expenditure plan of about ₹10 lakh crore over the next five years. Growth is expected to be driven by a mix of greenfield and brownfield projects, alongside selective acquisitions across infrastructure, energy, and logistics businesses. Analysts say these measures, combined with improved leverage metrics and consistent execution, have restored lender and investor confidence, positioning the conglomerate for sustained growth.
