Adani group cash to power half the $20 bn capex push

Don't require equity funding, says Sagar Adani

- DEV CHATTERJEE

The Adani group intends to fund its $20 billion annual capital expenditure (capex) primarily through internal accruals and debt, according to top executives in the conglomerate.

The Ahmedabad-based group is also planning to bid for electricity-distribution companies in Uttar Pradesh to expand its network in power transmission and distribution as part of its broader strategy to invest in infrastructure.

In an exclusive interaction, top officials led by Sagar Adani, executive director, Adani Green Energy, and member of the Adani family, the group promoters, detailed the funding strategy: About $8.5 billion in free cash, about $3 billion as annual debt refinancing, and $3 billion-4 billion in fresh borrowing.

An additional $1.6 billion-1.8 billion will come from development profits in 2025-26.

"We don't require equity funding," Adani said. "We have $8 billion-9 billion in cash every year."

While initial public offerings may continue for portfolio-level restructuring through the family office, Adani said these moves were not about raising capital for operating companies.