Adani's mountain of debt

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Editor's note: 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 market is well documented.  Here's some context: the group's debt stood at a little over Rs 1 lakh crore in 2016-17 and at around Rs 44,150 crore as of March 2014. The amount has continued to balloon these past few years. Since January this year, the Adani Group has raised Rs 7,150 crore in bonds and Rs 24,780 crore in commercial papers (CPs), compared to Rs 16,970 in bonds and Rs 25,270 crore in CPs in all of 2020. All …