Adani commits $15-20 bn annual capex for 5 years

Adani Group chairman Gautam Adani has reaffirmed Adani Enterprises’ ambitions for aggressive expansion, committing to invest up to $20 billion annually over the next five years.

Photograph: Priyanshu Singh/Reuters

“Our capital investment across businesses is set to break all records.

“We anticipate an annual capex of $15–20 billion for the next 5 years,” said Adani, in his annual letter to Adani Enterprises shareholders.

He cited this as a vote of confidence in India’s long-term potential and the group’s ability to align with national priorities.

The company also reiterated its plans to raise Rs 15,000 crore via share sale/preferential allotment and sought shareholders’ approval.

“We are now focussed on new infrastructure and utility segments for the next set of our investments,” the company said.

The billionaire industrialist addressed head-on the continuing investigations by the US Department of Justice (DoJ) and the Securities and Exchange Commission (SEC) into group firm Adani Green Energy.

“Let me be clear, this was not the first time we have been tested, nor will it be the last. Every challenge sharpens our resolve,” said Adani.

He added, “Despite all the noise, the facts are that no one from the Adani group has been charged with violating the Foreign Corrupt Practices Act (FCPA) or conspiring to obstruct justice.”

He said, “As we cooperate with legal processes, let me also restate emphatically, our governance is of global standards, and our compliance frameworks are robust and non-negotiable.”

In FY25, the group reported a 7 per cent increase in revenue and an 8.2 per cent rise in earnings before interest, tax, depreciation and amortisation (Ebitda).

The net debt-to-Ebitda ratio stood at 2.6x, which Adani described as “healthy.” He also reiterated the group’s resilience in the face of sustained global headwinds.

The Adani group’s flagship firm saw its total income breach the Rs 1 trillion mark for the first time, rising 2.1 per cent in the financial year 2024-25 (FY25).

It was primarily driven by sustained growth in its incubating businesses.

The ports-to-power conglomerate is also spearheading what it calls India’s most ambitious urban rehabilitation effort through its Dharavi redevelopment project.

“Over one million people will move from narrow lanes to sunlit, modern homes,” said Adani.

The redevelopment will include schools, hospitals, open spaces, transit hubs and more, he added