Adani Group Outlines Over $120 Billion Capital Expenditure Plan Across Infrastructure and Energy Sectors

NEW DELHI: India's Adani Group plans to invest more than $120 billion in capital expenditure over the next five years across its core infrastructure businesses and emerging growth platforms. Executives from the conglomerate shared the investment roadmap during an interview on Tuesday.

The group, which ranks as one of India's largest conglomerates, has maintained an aggressive expansion strategy spanning ports, airports, power, renewables, and other foundational sectors.

Pranav Adani, a director at the group's flagship firm Adani Enterprises and nephew of group chairman Gautam Adani, outlined the financial trajectory to the media.

"Over the next five years, we plan to invest about $120 billion — over $20 billion a year — across all our businesses," Pranav Adani stated.

According to the outlined plans, approximately 70% of the total capital expenditure will be directed toward energy initiatives. Meanwhile, about 20% will be allocated to transport and logistics, and the remaining 10% will support business adjacencies such as cement, copper, and aluminium.

The conglomerate estimates that this capital deployment will double its asset base to ₹18 lakh crore, translating to approximately $191.64 billion. Furthermore, the group projects that these investments will generate core earnings, or earnings before interest, taxes, depreciation, and amortisation (EBITDA), ranging from ₹2.6 lakh crore to ₹3 lakh crore within the five-year timeframe.

"A capital expenditure program exceeding $120 billion over five years marks a massive infrastructure commitment. Directing 70% of these funds toward energy highlights the strategic priority given to the energy sector, alongside transport and industrial adjacencies like cement and copper. For large conglomerates, scaling asset bases and core earnings at this magnitude requires strict capital allocation and execution discipline to sustain long-term growth across core economic pillars." — Dr. Shishir Gupta, Founder & CEO, StartupLanes