In January 2023, U.S.-based short-selling firm Hindenburg Research published a report accusing the Adani Group of accounting irregularities and market manipulation. While the allegations led to a sharp decline in Adani’s stock prices, the group consistently denied the claims. Since then, the conglomerate has successfully executed 33 acquisitions worth nearly ₹80,000 crore ($9.6 billion), signaling robust capital availability and strategic expansion.
Focus on Core Businesses
The acquisitions primarily targeted Adani Group’s core sectors. Market data and company sources reveal that the largest deals were in ports (₹28,145 crore), followed by cement (₹24,710 crore) and power (₹12,251 crore). Emerging businesses accounted for ₹3,927 crore, and transmission and distribution for ₹2,544 crore. A proposed acquisition of JP Group under bankruptcy proceedings for ₹13,500 crore is yet to be completed, and several other deals are currently ongoing.
Largest Deals and Strategic Moves
These acquisitions have been part of Adani Group’s strategy to restore credibility, improve its balance sheet, and selectively expand. Priority has been given to reducing debt, raising equity, and optimizing capital allocation while continuing acquisitions in ports, cement, and power to maintain cash flow and scale advantages.
Among the 33 deals in the past three years, the biggest acquisition was the North Queensland Export Terminal (NQXT) in Australia for ₹21,700 crore, executed by Adani Ports and Special Economic Zone Ltd in April 2023. However, the cement sector saw the highest number of transactions, including Ambuja Cements acquiring a 56.74% stake in Sangi Industries for ₹5,000 crore in August 2023.
Other notable cement deals include:
- January 2024: ACC acquired Asian Concrete & Cement Pvt. Ltd. for ₹775 crore.
- April 2024: My Home Group’s Tuticorin Grinding Unit for ₹413.75 crore.
- June 2024: Penna Cement Industries for ₹10,422 crore.
- October 2024: Orient Cement for ₹8,100 crore.
- April 2024: ITD Cementation acquisition for ₹5,757 crore (combined stake from promoters and public shareholders).
In the port sector, acquisitions included Karaikal Port (₹1,485 crore, April 2023), Gopalpur Port (₹3,080 crore, March 2024), Astro Offshore (₹1,550 crore, August 2024), and Dar es Salaam Port, Tanzania (₹330 crore, May 2024).
Power and Other Sectors
In power, the group acquired Lanco Amarkantak (₹4,101 crore), Vidarbha Industries (₹4,000 crore), and Coastal Nergin Pvt. Ltd (₹3,335 crore). Other acquisitions spanned data centers, power transmission, roads, and real estate.
Future Plans
Analysts note that improved debt ratios and consistent execution have restored lender and investor confidence. The Adani Group has outlined a ₹10 lakh crore capex plan over the next five years, combining greenfield projects, brownfield expansions, and selective acquisitions across its infrastructure, energy, and logistics portfolios to drive sustainable growth.
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