Adani's mountain of debt

To fund its operations and expansion, the conglomerate has been turning to the bond markets in a big way. Will the rising debt prove to be a burden or a boon?

The Adani Group has been racking up debt and turning to the bond markets in a significant way to fund its operations and expansion plans. Since January 2020, it has raised around Rs 24,120 crore in non-convertible debentures or bonds and Rs 50,050 crore in commercial papers. The group had over Rs 143,333 crore in borrowings on a consolidated basis as of 2020-21. 

That's a large number. Making the Adani Group among the most indebted large conglomerates in India today. Yet little attention has been paid so far to the group's borrowing strategy even as its position in the equities …


T Surendar

Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.

Executive Editor



Advait Palepu

Advait is a financial journalist and a former writer at The Morning Context. Here, he wrote on India’s banks, the wider financial services industry and the fintech ecosystem. He has previously worked with the Economic and Political Weekly, Business Standard, BloombergQuint and MediaNama, where he covered everything from the Reserve Bank of India to fintech policy.