MUMBAI: The Adani Group is looking to borrow funds through one of the conglomerate’s privately held and most profitable entities to refinance debt taken to acquire its listed cement business.
The group is considering raising the debt through promoter-owned Adani Infra (India) Ltd to refinance part of the loan taken by the Adani family to fund the acquisition of Ambuja Cement and ACC four years ago.
It is looking to get favourable interest rates by leveraging Adani Infra’s orderbook of over ₹50,000 crore and annual profit of more than ₹7,000 crore, a person directly aware of the development said.
The plan is still in the early stages of exploration and the quantum of the debt to be raised has not been decided. However, it could be upward of $1 billion (about ₹9,400 crore), the person said. The Adani family had borrowed $3.5 billion in 2023 to fund the .
The loan could be syndicated from a consortium of foreign banks. Private credit funds could also be tapped, the person said on condition of anonymity because the details are private and confidential.
Adani Infra was designated as the project management consultant and engineering, procurement and construction (EPC) arm for the Adani Group at the beginning of FY25. Since then, the company has been the nodal agency for all of the group’s infrastructure projects. Earlier, this work was handled by separate project management teams at each company.
In just two years, the company has grown rapidly, given the scale of Adani’s infrastructure investments. The Ahmedabad-based conglomerate has said that its capital expenditure surpassed ₹1.5 trillion in FY26.
Adani had earlier explored raising up to $1 billion in debt through Adani Infra by issuing dollar-denominated bonds, Mint . However, the plan was shelved due to turmoil in the global debt markets as the US and Israel attacked Iran.
The Adani Group did not respond to Mint’s request for a comment.
Debt raised
Endeavour Trade and Investment Ltd, a Mauritius-based private entity controlled by the Adani family, raised $3.5 billion in debt from 10 banks for a tenor of three years, according to a press release dated 20 October 2023. The money was raised to refinance the bridge loans taken to fund the $6.6-billion acquisition of Ambuja and ACC in September 2022. Mint could not ascertain if this debt has since been refinanced.
Adani Infra has risen rapidly to become one of the prominent cash cows of the . It reported ₹7,127 crore in profit in FY26, a growth of over 80 times in the two years after it was named the group’s captive PMC and EPC arm.
Its annual revenue from operations surged 13-fold to ₹11,301 crore. About 95% of the company’s revenue came from Adani companies, according to its financial statements, Mint reported on 11 August.
“As per AIIL’s management, the company is involved in various activities such as design and engineering, procurement of materials, monitoring the controls, contract closures and asset management plans, which shall result in cost and resource optimisation, efficient logistic and inventory management and high productivity at the group level over the medium term,” India Ratings & Research wrote in a credit note dated 2 April. “Based on the orderbook and management articulation, Ind-Ra understands that AIIL will generate meaningful surplus cash flow over FY26-FY29.”
Since the beginning of 2026, Adani Infra has used its newfound wealth to buy shares of listed Adani companies. Cumulatively, the company has spent ₹11,653 crore to buy shares in four listed companies over the past nine months – Adani Enterprises Ltd, Adani Energy Solutions Ltd, Adani Green Energy Ltd and Adani Power Ltd.
Adani Infra is 100% controlled by the S.B. Adani Family Trust and other group companies, as per India Ratings.