Adani Group's infrastructure sector acquisitions cross Rs 1 lakh crore

Adani Group, led by Gautam Adani, one of the richest people in Asia, has crossed its largest-ever acquisition figure in the infrastructure sector. The group has made purchases worth more than Rs 1 lakh crore across various sectors. According to analysts' estimates, this includes the acquisition of around 20 assets. These span power, ports, airports, transmission and renewable energy, as well as cement, defence and media sectors. The total value of these acquisitions has been assessed at Rs 1,03,006 crore.

Adani's strategy has been to combine loss-making companies with its existing capabilities in fuel procurement, power sales, logistics, transmission and project completion. This has produced the best results in the thermal power sector. Several projects acquired in this sector have turned around from underutilisation or losses to deliver strong EBITDA. According to Prabhudas Lilladher, Adani Power's inorganic portfolio now includes 7.45 gigawatts of thermal capacity, comprising companies such as Udupi Power, Raigarh, Raipur, Mahan, Coastal Energen, Lanco Amarkantak, Dahanu and Vidarbha Industries. Raipur's EBITDA was Rs 210 crore in FY2020, which rose to Rs 2,350 crore in FY2026. During the same period, Raigarh's EBITDA rose from minus Rs 100 crore to Rs 1,110 crore. Mahan's EBITDA rose nearly threefold from Rs 550 crore in FY2022 to about Rs 1,600 crore in FY2026.

Adani followed the same approach with ports. The group bought Dighi Port for Rs 705 crore, Krishnapatnam Port for Rs 13,675 crore, Karaikal Port for Rs 1,485 crore and Gopalpur Port for Rs 3,080 crore. Adani Ports aims to handle one billion tonnes of cargo by 2030. The company expects domestic port cargo handling to reach 850 million tonnes by then, while targeting a threefold increase in international port handling from its current low base.

The group also used loss-making companies to strengthen its position in the power transmission and distribution sector. Adani Energy Solutions bought the transmission assets of the Western Region System Strengthening Scheme from Reliance Infrastructure for Rs 1,000 crore in 2016. Similarly, Reliance Infrastructure's Mumbai integrated power business was acquired for Rs 18,800 crore in 2017.

Adani acquired Mumbai International Airport from the GVK Group in 2021, forming an eight-airport portfolio under Adani Airport Holdings. This platform currently handles around 23 percent of India's passenger traffic and 29 percent of air cargo. Navi Mumbai International Airport added an initial annual capacity of 20 million passengers, while the entire airport network handled around 96 million passengers in FY2026.

Adani Green Energy also relied on acquisitions to expand. The group bought Essel Green Energy's solar portfolio for Rs 1,300 crore and a 40-megawatt Essel Green solar project for Rs 219 crore. Since then, the renewable platform has expanded well beyond these assets. Management is confident of adding 5 gigawatts of capacity by FY2027 and meeting a target of 50 gigawatts by 2030.

Adani Enterprises is now beginning a major investment cycle. According to Jefferies' estimates, investment in airports, data centres, new energy, roads, defence, copper and other businesses will reach around Rs 2 lakh crore between FY2026 and FY2031. Annual capital expenditure has risen from around Rs 8,500-9,000 crore in 2022 to Rs 30,000-35,000 crore in recent years.