Adani Group may raise another $2 billion in coming quarters, FY26 fundraising could hit $5 billion

Adani Group's fundraising drive, which started in January this year, could hit $5 billion by end of FY26

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26 Aug, 2025 12:21

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Three listed entities of the Adani Group — Adani Enterprises Ltd, Adani Green Energy Ltd, and Adani Energy Solutions Ltd — are likely to raise up to $2 billion over the coming quarters, people familiar with the matter told Moneycontrol.

If completed, this would take the conglomerate’s total FY26 fundraise to around $5 billion. The funds are being mobilised across a mix of instruments, including non-convertible debentures (NCDs), equity infusions, and project-level refinancing, the sources said.

Moneycontrol has written to the Adani Group for comment regarding their fundraising plans, with a response being awaited.

Adani Enterprises Ltd (AEL), the flagship company of the group, functions as its business incubator and is involved in building and scaling ventures across airports, roads, green hydrogen, data centres and mining.

The company plays a key role in seeding and developing new infrastructure businesses before they are spun off into separate listed entities.

AEL is set to raise Rs 1,000 crore via a NCD issue, which  opens July 9. The instruments will carry an annual coupon of 9.3 percent over a five-year tenure, a stock exchange filing said.

Adani Green Energy Ltd (AGEL), the renewable energy platform of the group, is among India’s largest developers of utility-scale solar, wind, and hybrid projects.

It is executing the 30 GW Khavda Renewable Energy Park in Gujarat, one of the largest such projects globally. AGEL received a $1.43 billion equity infusion from the Adani family earlier this year, along with a $300 million contribution from TotalEnergies, which also holds a stake in Adani Total Gas.

In March, AGEL completed a $1.06 billion refinancing deal tied to renewable projects in Rajasthan that include both solar and wind assets.

Adani Energy Solutions Ltd (formerly Adani Transmission) operates one of India’s largest private-sector electricity transmission networks.

In May, its board decided to raise up to Rs 4,300 crore in equity through a qualified institutional placement (QIP), with the company having significant capital expenditure plans in the ongoing financial year.

The company also manages electricity distribution in parts of Mumbai and is focused on strengthening grid integration for renewable power.

Moneycontrol recently wrote about Adani Energy Solutions exploring inorganic growth opportunities. The company is in talks to acquire the transmission assets of Hyderabad-based Megha Engineering & Infrastructures Limited. The potential deal is part of the group’s broader strategy to expand its energy infrastructure portfolio.

In total, the group has raised $3.2 billion since January. This includes promoter infusion into AGEL, the TotalEnergies’ investment and refinancing exercises across the renewables portfolio.

In June, Adani group entities raised $750 million through a bond issuance that saw participation from global institutional investors such as BlackRock and Apollo Global Management, a person familiar with the transaction said.

Separately, the Life Insurance Corporation of India subscribed to Rs 5,000 crore worth of bonds issued by Adani Ports and Special Economic Zone.

The fundraising activity is part of the group’s broader engagement with capital markets, which in recent quarters has included debt refinancing and project funding across its core infrastructure businesses.

The group previously faced scrutiny following a report by US-based Hindenburg Research and media coverage of reported investigations by the US Department of Justice. The Adani Group has publicly denied the allegations in both instances.