Adani Group Set for Major Expansion with $100 Billion Capex

Adani Group, led by Gautam Adani, has unveiled an ambitious $100 billion capital expenditure programme to be executed over the next 6 years. 

$100 Billion Mega Capex Plan by Adani Group 

This $100 billion investment marks the largest capex rollout by any private entity in India and is aimed at expanding infrastructure through greenfield projects across energy, construction materials and mining. The strategy is designed to enhance the group’s organisational strength, improve technological capabilities, and build a robust vendor ecosystem.

In an interview CFO of Adani Group said, "We are not talking about acquisitions here; this is all greenfield on-ground capex," said Jugshinder (Robbie) Singh, Group Chief Financial Officer, Adani Group.

Investment Strategy Based on Greenfield Expansion

The group’s plan is focused entirely on greenfield expansion, steering clear of mergers or acquisitions. The yearly investment will rise to ₹1.5 to ₹1.6 lakh crore from the previous year’s ₹1.1 to ₹1.2 lakh crore. Singh noted that this increase in scale would require a significant ramp-up in organisational capability.

This capex initiative reflects a structured approach toward building assets from the ground up, aligned with national infrastructure goals.

Energy Sector to Attract Over 80% of Total Capex

Of the entire investment outlay, around 83% to 85% will be channelled into the energy sector. The emphasis is on renewable energy generation and storage, with the group aiming to increase its capacity in this area by seven times. In parallel, the group will also double its conventional energy capacity.

As of March 2025, Adani Green Energy had an operational capacity of 14.2 GW, while Adani Power operated at 16.54 GW. These figures are expected to grow significantly through this investment phase.

Construction Materials and Mining Allocation

The plan includes a 10% allocation toward construction materials and 6% to 7% towards mining and metals. These sectors serve as important enablers in the group’s infrastructure ambitions and are expected to support related business verticals efficiently.

Such diversification ensures that the capex is not just sector-heavy but supports interlinked growth drivers.

Multi-Source Funding to Support Annual Targets

To support the annual ₹1.5 to ₹1.6 lakh crore capex, the group will fund ₹80,000 crore through internal cash flows. An additional ₹15,000 crore will come from settlement payments, and ₹12,000 to ₹14,000 crore from EPC business profits. "From a funding perspective, we are left with ₹40,000 to ₹50,000 crore of external funding. Each year, on average, we repay ₹24,000 crore of debt... so the net debt added will be around ₹25,000 crore," Singh explained.

The external funding strategy is well-distributed, with 40% coming from domestic banks, 40% from global financial institutions, and 20% from domestic capital markets.

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Cash Flow Generation Expected to Peak Post 2028

Projects under construction in the early years of the plan are expected to start generating strong cash flows as the capex peaks by 2028. These flows will then be reinvested, creating a self-sustaining investment cycle.

Singh stated that the group expects to earn about $16 billion in return on capital from this massive investment initiative.

Organisational and Ecosystem Development 

The capex plan is not limited to physical infrastructure. It also aims to improve the group’s technological framework, enhance internal capabilities and nurture a wider vendor ecosystem. These initiatives are expected to add long-term resilience and efficiency to the group's operations.

Conclusion

Adani Group’s $100 billion capex commitment reflects its long-term vision for infrastructure-led growth. With a strategic focus on energy, construction and mining, and a well-planned funding mechanism, the group is taking a calculated step toward building sustainable value across sectors. As the projects begin to take shape, their impact on India’s economic landscape will be closely followed by market observers and stakeholders.

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