Adani Group to invest over $100bn in next decade

INDIA'S Adani Group will invest more than $100 billion over the next decade, most of it in the energy transition business, its Chairman Gautam Adani said on Tuesday (27), as the ports-to-energy conglomerate accelerates an already aggressive expansion plan.

After founding the group in 1988 as a commodities trading business, the 60-year-old has ventured into multiple sectors, mainly in the infrastructure space and in line with the priorities of the government of Prime Minister Narendra Modi.

‘As a group, we will invest over $100 billion of capital in the next decade,' Adani told the Forbes Global CEO Conference in Singapore.

‘We have earmarked 70% of this investment for the energy transition space. We are already the world's largest solar player, and we intend to do far more.'

He did not say how the investments would be financed. Debt research firm CreditSights said earlier this month it was concerned about the group's leverage, though the group said its ratios were healthy and in line with industry benchmarks.

The Adani Group has announced deals worth billions of dollars this year alone, the biggest one being its $10.5 billion acquisition of Holcim AG's cement businesses in India.