The Adani Group plans to spend $120 billion on infrastructure over the next five years. This massive investment covers energy, transport, and logistics. Gautam Adani said, "India is entering what could be the most significant infrastructure investment cycle in its history." The group aims to support India’s growing $10 trillion economy.
Planned over five years, it could rank among the largest private sector investment programmes anywhere in the world, outside the capital spending of giant US hyperscalers Amazon, Microsoft, Alphabet, and Meta.
The Adani Group, one of India's largest business houses, is about to kick-start one of the biggest private investments into capex. The Group will spend $120 billion or approximately ₹11.4 lakh crore in greenfield capital expenditure over the next five years across its core infrastructure businesses and emerging growth platforms.
Broadly, about 70% of these investments will be in energy (renewables, coal-based thermal, data centres, transmission and distribution), about 20% in transport and logistics (ports, airports, and roads) and 10% in business adjacencies such as cement, copper, and aluminium.
"India is entering what could be the most significant infrastructure investment cycle in its history. As India moves towards becoming a $10 trillion (around ₹960 lakh crore) economy, demand across energy, transport, logistics, airports, digital infrastructure, and manufacturing will expand dramatically. Meeting that demand requires long-term capital, disciplined execution, and the confidence to invest ahead of the curve," Adani Group chairman Gautam Adani told Fortune India.
The investment programme could rank among the biggest private sector investment programmes anywhere in the world, outside the extraordinary capital spending of US technology hyperscalers such as Amazon, Microsoft, Alphabet, and Meta.
"Over the next five years, we plan to invest about $120 billion -- over $20 billion a year -- across all our businesses. We have a five-year rolling plan. What we plan today is for the next five years, with one year becoming firm and the remaining four years being floating. As the business expands, the plan can increase," elaborated Pranav Adani, eldest of the four next-generation G2 leaders of the Adani family spearheading the investment plans.
The Group is preparing to expand its annual capital investment to around ₹3.5 lakh crore, 75% above its current planned annual capital expenditure, revealed Gautam Adani.
"India is approaching a historic inflection point, entering what could be the most consequential infrastructure investment cycle in its history," he said. "As our nation advances towards a $10-trillion economy, the next two decades will require investments of unprecedented scale across energy, transport, logistics, airports, manufacturing, and digital infrastructure, including nearly 2,000 GW of additional power generation capacity," Gautam Adani said.
Creating a large asset base
The Group estimates that the investments will help to create a 2x jump in its asset base from ₹7.85 lakh crore to ₹18 lakh crore and generate an Ebitda of ₹2.6-3 lakh crore in five years. The group invested around ₹1.5 lakh crore in FY26, the highest private annual capex in the country. Investments in FY27 are expected to reach ₹2 lakh crore.
"This plan does not include the group's capex guidance into areas such as coal gasification, nuclear energy or aluminium and acquisitions," said Karan Adani, the eldest son of Gautam Adani, who heads businesses such as Adani Ports and Special Economic Zone (APSEZ) and cement, and is a key decision-maker at the Group level. The Group has spent more than ₹3.65 lakh crore on some 90 acquisitions since 2017. The latest is APSEZ's acquisition of Evos, Europe's second-largest liquid storage operator, for €2.56 billion. Currently, about 18 new businesses are in the incubation or take-off stage.
The investment plan
While investments in three listed power companies will be about $60 billion, APSEZ and aviation will see an investment of ₹1 lakh crore during the period. Green-energy-powered AI-ready data centres will see a direct investment of $100 billion, besides catalysing an additional $150 billion across manufacturing, servers, and sovereign cloud services by 2035. The defence and aerospace business, in which the group has spent ₹18,000 crore, may see an investment of ₹10,000 crore. Another ₹20,000 crore is earmarked for the city gas distribution (CGD) business and about ₹25,000-30,000 crore in coal gasification. The first phase of redevelopment of Dharavi will see investment of about $4-5 billion in seven years, besides many billions of dollars going into creating social infrastructure.