India’s Adani Group plans to invest more than $120 billion in capital spending over the next five years, one of the largest private-sector investment programmes ever announced in India.
Pranav Adani, a director at the group’s flagship company Adani Enterprises and nephew of chairman Gautam Adani, told Fortune India the group would spend “about $120 billion — over $20 billion a year — across all our businesses”. The plan was outlined in an interview published on Tuesday.
About 70% of the spending is earmarked for energy, covering renewables, thermal power, data centres, and electricity transmission and distribution. Around 20% will go to transport and logistics, including ports, airports and roads, with the remaining 10% directed at business adjacencies such as cement, copper and aluminium.
The group estimates the investment could double its asset base to about ₹18 lakh crore ($191.6 billion) within five years and lift core earnings, measured as EBITDA, to between ₹2.6 lakh crore and ₹3 lakh crore over the same period.
Adani described the programme as a rolling five-year plan, with the first year becoming firmly defined and the remaining years kept flexible as businesses and markets evolve. He said the plan could grow as the group expands.
The scale of the commitment stands out even against the heavy capital spending of the world’s largest technology companies, and it would make Adani one of the biggest private investors in India’s infrastructure. The group already allocated about ₹1.5 lakh crore for the current financial year, described as the largest annual private capital expenditure in the country.
The figures are management targets, not guaranteed outcomes. They rest on the group’s ability to fund and deliver a vast pipeline of projects on schedule, and the plan excludes some areas executives said fall outside it, including coal gasification, nuclear energy and aluminium acquisitions.
Sources: The Hindu BusinessLine (https://www.thehindubusinessline.com/companies/adani-group-plans-to-invest-over-120-billion-across-businesses-in-next-five-years/article71685919.ece) and Fortune India, via Reuters reporting. Note: the plan was disclosed by Adani executives in an interview with Fortune India; the figures are forward-looking management estimates, and Adani did not respond to Reuters’ request for comment.
