Adani Seals ₹80,000 Cr in Deals Since 2023 Short-Seller Crisis

Adani Group has completed as many as 33 acquisitions worth about ₹80,000 crore ($9.6 billion) across its businesses since January 2023, signalling sustained access to capital and steady execution following the short-seller allegations that jolted markets nearly three years ago.

The buying spree has been concentrated in the conglomerate's core sectors, according to market data and company sources.

Ports led with acquisitions of around ₹28,145 crore, followed by cement at ₹24,710 crore and power at ₹12,251 crore. Newer, incubating businesses accounted for ₹3,927 crore, while transmission and distribution added ₹2,544 crore of deals, they said.

The list does not include the ₹13,500 crore planned acquisition of debt-laden Japyee Group in bankruptcy proceedings. That transaction is yet to conclude. A few transactions in works too are not in the list.

The acquisitions come as Adani works to rebuild investor confidence after now shuttered US-based short seller Hindenburg Research accused the group of accounting irregularities and stock manipulation in early 2023 — allegations the conglomerate has consistently denied.

The ports-to-energy conglomerate's comeback strategy has centred on a deliberate mix of balance-sheet repair and selective expansion aimed at restoring credibility. The group prioritised deleveraging, equity infusions and tighter capital allocation, while continuing acquisitions in core businesses such as ports, cement and power to protect cash flows and scale advantages.

Analysts said improved transparency and sustained engagement with lenders have helped stabilise funding access, while steady execution kept projects on track.

The approach has gradually eased investor concerns, with lower leverage, resumed deal-making and the closure of regulatory proceedings reinforcing the narrative that the group has contained balance-sheet risk and regained strategic momentum, an analyst tracking the group at a leading brokerage said.

In recent quarters, Adani has touted its resilient balance sheet, with net debt-to-EBITDA at about 3x, below its stated guidance range of 3.5x to 4.5x, even as it continued to invest and expand across sectors.

The biggest of the 33 deals closed in the last three years was the ₹21,700 crore buyout of Australia's North Queensland Export Terminal (NQXT) by Adani Ports and Special Economic Zones Ltd in April this year, market data showed.

The busiest, however, was the cement space with back-to-back acquisitions.

In August 2023, group company Ambuja Cements acquired a 56.74% controlling stake in Sanghi Industries from Ravi Sanghi family for ₹5,000 crore.

In January 2024, its ACC acquired Asian Concretes and Cements Pvt Ltd for ₹775 crore, which was followed by the April acquisition of My Home Group's Tuticorin grinding unit in Tamil Nadu for ₹413.75 crore, ₹10,422 crore buyout of Penna Cement Industries in June that year and ₹8,100 crore acquisition of Orient Cement in October 2024.

In April this year, it took control of ITD Cementation by buying 46.64% from the current promoters for ₹3,204 crore and then another 26% from public shareholders, taking the total deal value to ₹5757 crore.

In the port sector, Adani Group acquired Karaikal Port in April 2023 for ₹1,485 crore, Gopalpur Port in March 2024 for ₹3,080 crore and Astro Offshore for ₹1,550 crore in August 2024. It also made an overseas acquisition, buying Tansani's Dar es Salaam Port for ₹330 crore in May 2024.

Power sector buys included ₹4,101 crore acquisition of Lanco Amarkantak, ₹4,000 crore buyout of Vidarbha Industries and ₹3,335 crore acquisition of Coastal Energen Pvt Ltd, the data showed.

The other deals have been in the data centre business, electricity transmission, roads and real estate.

Improving leverage metrics and consistent execution have helped restore confidence among lenders and investors, analysts say, supporting the view that balance-sheet risks are contained despite the group's capital-intensive profile.

Looking ahead, the Adani Group has outlined a capital expenditure programme of about ₹10 lakh crore over the next five years, with growth expected to be driven by a combination of greenfield and brownfield projects, alongside selective acquisitions across its infrastructure, energy and logistics portfolio.