Adani Commits Up to $20 Billion Annual Capex
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Gautam Adani has doubled down on Adani Enterprises' growth strategy, announcing an unprecedented capital outlay of up to $20 billion annually over the next five years. In his annual letter to shareholders, the Adani Group chairman positioned the move as a bold vote of confidence in India's long-term economic trajectory and the group's ability to align with national priorities.
"Our capital investment across businesses is set to break all records. We anticipate an annual capex spend of $15–20 billion for the next five years," Adani stated, in his annual letter to Adani Enterprises shareholders. The focus, he noted, will be on building out infrastructure and utility verticals, signalling a shift towards sectors the company sees as pivotal to India's future.
This aggressive capex strategy comes alongside a proposed INR 15,000 crore fundraising plan through a share sale or preferential allotment, for which shareholder approval is being sought.
In FY25, Adani Enterprises marked a significant financial milestone, with total income crossing the INR 1 trillion threshold for the first time—a 2.1 per cent year-on-year rise. This growth was underpinned by strong performance from its incubating businesses. The group also reported a 7 per cent increase in revenue and an 8.2 per cent jump in Ebitda, with a net debt-to-Ebitda ratio at 2.6x, which Adani described as "healthy."
While outlining the group's ambitious investment roadmap, Adani also addressed the ongoing scrutiny from U.S. regulators. Adani Green Energy, one of the group firms, is under investigation by the U.S. Department of Justice and the Securities and Exchange Commission. Adani was unequivocal in his response. "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," he said.
He reinforced the group's commitment to compliance and governance, adding, "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."
Among its headline projects, the conglomerate is leading India's most ambitious urban renewal initiative with the Dharavi redevelopment. "Over one million people will move from narrow lanes to sunlit, modern homes," Adani wrote. The plan includes building schools, hospitals, open spaces, and transit hubs, signalling a comprehensive reimagining of one of Mumbai's most densely populated areas.
The letter underscores Adani's message: the group is not retreating. It's expanding—with scale, speed, and unwavering confidence.
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