Winning Bizness Desk
Mumbai.The Adani Group has completed 33 acquisitions worth nearly Rs 86,000 crore since January 2023, even as it navigated one of the biggest corporate crises triggered by allegations from US-based short seller Hindenburg Research. The deals span ports, cement, power and emerging businesses, reflecting the group’s strategy to stabilise operations and restore investor confidence. According to Forbes, group chairman Gautam Adani is currently the world’s 27th richest person with an estimated net worth of around Rs 6 lakh crore.
Steady expansion after market turmoil
The acquisition push gathered pace after the Hindenburg report in January 2023 accused the group of accounting lapses and stock price manipulation. The allegations led to a sharp sell-off, wiping out nearly Rs 1 lakh crore from the group’s market value within a day. Adani Group denied all charges and shifted focus to strengthening its balance sheet, cutting debt and prioritising selective investments. Regulatory relief came on September 18 this year, when SEBI dismissed the allegations, helping the group regain some market trust.
Ports attract maximum capital investment
Ports emerged as the group’s biggest investment area among the 33 deals, with total spending of Rs 28,145 crore. The largest acquisition was Australia’s North Queensland Export Terminal, bought for Rs 21,700 crore in April this year. Other port-related deals included:
- Karaikal Port for Rs 1,485 crore in April 2023
- Gopalpur Port for Rs 3,080 crore in March 2024
- Astro Offshore for Rs 1,550 crore in August 2024
- Tanzania’s Dar es Salaam Port for Rs 330 crore in May 2024
Cement business sees aggressive consolidation
The cement sector accounted for investments of Rs 24,710 crore, with multiple back-to-back acquisitions. Ambuja Cements acquired a 56.74 percent stake in Sanghi Industries for Rs 5,000 crore in August 2023, while ACC bought Asian Concretes and Cements for Rs 775 crore in January 2024. Other major cement deals included:
- Tuticorin grinding unit of My Home Group for Rs 413.75 crore
- Penna Cement for Rs 10,422 crore
- Orient Cement for Rs 8,100 crore
- Controlling stake in ITD Cementation for Rs 5,757 crore
Power, new businesses and financial discipline
In the power sector, the group invested Rs 12,251 crore by acquiring Lanco Amarkantak, Vidarbha Industries and Coastal Energen. Additional investments were made in electricity transmission and distribution worth Rs 2,544 crore, while Rs 3,927 crore went into new businesses such as data centres, roads and real estate. The proposed Rs 13,500 crore JP Group acquisition has not been included as negotiations are still ongoing.
Court clearance and future outlook
After the controversy, the group tightened capital allocation and reduced leverage, bringing its net debt-to-EBITDA ratio to around 3x, below its own guidance range. The Supreme Court had formed a six-member committee to examine the matter, alongside SEBI’s probe. After being cleared, Gautam Adani said the verdict reaffirmed the truth and reiterated the group’s commitment to contributing to India’s long-term growth story.
