Adani Secures ₹80000 Crore in Deals After 2023 Hindenburg Crisis

Adani Secures ₹80000 Crore in Deals After 2023 Hindenburg Crisis

Why in News? 

The Adani Group has completed 33 acquisitions worth approximately ₹80,000 crore (USD 9.6 billion) since January 2023. This aggressive expansion in core sectors like ports, cement, and power signals a strong financial recovery and sustained access to capital following the short-seller allegations. 

Highlights of Recent ₹80,000 Crore Deals by Adani Group

The Adani Group completed 33 major acquisitions worth around ₹80,000 crore (USD 9.6 billion) between January 2023 and December 2025. This total covers strategic purchases across multiple industries. These deals reflect the group’s ability to secure capital and grow its footprint.

• • Sectors: The ports sector led with about ₹28,145 crore, the cement sector accounted for ~₹24,710 crore, and power sector acquisitions made up about ₹12,251 crore. Emerging businesses contributed ~₹3,927 crore, and transmission & distribution deals added ~₹2,544 crore to the total. 

• Ports Sector: In the ports and logistics sector, Adani made several high‑value purchases. In April 2023, the group bought Karaikal Port for ₹1,485 crore. In March 2024, it added Gopalpur Port at ₹3,080 crore. In August 2024, the group acquired Astro Offshore for ₹1,550 crore. Internationally, Adani acquired Dar es Salaam Port in Tanzania for ₹330 crore in May 2024. The largest individual deal was the ₹21,700 crore acquisition of Australia’s North Queensland Export Terminal (NQXT) in April 2025. 

• Cement and Building Materials: In August 2023, Ambuja Cements bought a 56.74 % stake in Sanghi Industries for ₹5,000 crore. January 2024 saw ACC acquire Asian Concretes and Cements for ₹775 crore. April 2024 brought the Tuticorin grinding unit acquisition for ₹413.75 crore. In June 2024, Penna Cement Industries was acquired for ₹10,422 crore. In October 2024, Orient Cement was purchased for ₹8,100 crore. In April 2025, the group gained control of ITD Cementation in a deal totalling ₹5,757 crore. 

• Power Sector: Adani also expanded in the power generation and energy sector. The group acquired the Lanco Amarkantak thermal power assets for ₹4,101 crore. It also bought Vidarbha Industries’ power assets for ₹4,000 crore. Another notable deal was the ₹3,335 crore purchase of Coastal Energen Pvt. Ltd. These purchases strengthened the group’s presence in traditional and transition energy markets. 

• Emerging Businesses: The Adani Group’s emerging or “incubating” businesses contributed ₹3,927 crore to the conglomerate’s total acquisition value of approximately ₹80,000 crore. These emerging businesses primarily operate under the group’s flagship incubator, Adani Enterprises Limited (AEL). It includes the 100% acquisition of Parserlabs India in March 2025 to bolster cloud and data services. Airports are managed through Adani Airport Holdings Ltd (AAHL), which has recently raised significant capital (e.g., $750 million) for expansion.

Post‑Hindenburg Impact on Company Performance

• The Hindenburg report in January 2023 caused a sharp drop in Adani Group stock prices soon after its release. Investors reacted to the allegations with heavy selling in many listed companies of the group. The combined market value of these listed firms fell sharply in the months after the report.
• The group faced specific challenges with capital markets access during early 2023. Investors grew cautious, and one planned ₹20,000 crore follow‑on public offer (FPO) by Adani Enterprises was withdrawn due to weak subscription. 
• Over time, capital raising continued through other sources. The group raised fresh debt in mid‑2023 totaling over ₹19,000 crore, indicating continued access to credit even amid market strain. The market value of the group’s shares had fallen by approximately $12 billion (₹1 lakh crore) by January 25th. 
• Regulators have weighed in on the issue. In September 2025, the Securities and Exchange Board of India (SEBI) issued findings that did not uphold the original Hindenburg allegations of related‑party transaction violations.
• Despite recovery in financial metrics, the stock prices of many Adani group companies have not fully returned to pre‑Hindenburg levels even by late 2025. Market participants continue to factor in governance and valuation concerns as part of long‑term performance assessments.

Current Balance Sheet & Capex Plans

• Market data indicates that the group’s net debt‑to‑EBITDA ratio remained around 3x in late 2025, better than earlier guided levels of 3.5x–4.5x. This improvement suggests balance‑sheet strengthening even as acquisitions continued. These financial metrics helped restore investor confidence and support further strategic growth.
• Looking ahead, the Adani Group has announced a capital expenditure programme of about ₹10 lakh crore (₹10 trillion) over the next five years. This capex plan includes both greenfield projects and selective acquisitions, especially in infrastructure, energy, and logistics. The strategy aims to leverage the recent acquisition momentum toward long‑term growth.