NEW DELHI: Adani Group has completed as many as 33 acquisitions worth about Rs 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 Rs 28,145 crore, followed by cement at Rs 24,710 crore and power at Rs 12,251 crore. Newer, incubating businesses accounted for Rs 3,927 crore, while transmission and distribution added Rs 2,544 crore of deals, they said.
The list does not include the Rs 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.
Analysts said improved transparency and sustained engagement with lenders have helped stabilise funding access, while steady execution kept projects on track.