Adani Group set up on mini-America model, no need for external capital: CFO

The Adani Group is structured to be a "mini-US" in terms of risk management and self-sufficiency, with no requirement for external capital to execute its business plans, Group CFO Jugeshinder (Robbie) Singh has told investors.

Speaking about the company’s financial strategy in a recent investor meet, Singh said the conglomerate’s businesses generate sufficient cash to fund its ambitious $100 billion investment plan over the next decade without relying on external debt or equity.

“My objective has always been to set up the Group to be... like a mini-US from the risk perspective,” Singh said. “What I mean by that is that anything that the US wants to do, it has 100% capability to execute. Whether they want to go to Mars, they have indigenous capability to execute. Whether they want to build a fence, they have indigenous capability to execute it.”


The group has committed over $100 billion (Rs 8 lakh crore) in investments over the next decade with twelve-month EBITDA exceeding $10 billion and continuing to grow in double digits.

Also read | Adani companies to enter next phase of high capex growth similar to pre-Hindenburg era

Most of the capex will be led by Adani Enterprises, the flagship incubator, which oversees assets like airports and green hydrogen. Key contributors include Adani Green Energy (renewable power), Adani Energy Solutions (transmission and distribution), and Adani Ports & SEZ (ports and logistics). The group expects its major businesses to become global leaders in their respective industries by FY30.

In the twelve months ending December 2024, the Group’s total EBITDA reached an all-time high of Rs 86,789 crore, growing 10.1% year-on-year (YoY). Adjusted for the prior period’s income, the growth stood at 21.3%.

Adani Group’s self-reliant model contrasts with the common practice in Asia, where companies often conduct roadshows to attract foreign investment. “In Asia, we know that we are used to doing roadshows, we go to the US, but no US company does a roadshow outside of their suburb,” the CFO noted. “If they are in New York, that’s it... because they have indigenous capability.”

Singh emphasized that Adani Group’s businesses are cash flow positive and will fund their own growth. “We don't need any capital for our stated business plan from third parties, either debt or equity,” he said. “We have said we will invest close to $100 billion over the next 10 years. All of that capital is cash after tax that our businesses produce.”

Breaking down the group’s finances, Singh explained that if the company’s cash generation is multiplied over 10 years, it amounts to roughly $71 billion. Additionally, ongoing projects under construction will add another $41 billion over the period, with the company currently holding $6 billion in free cash reserves.

“That gives us roughly about $118 billion,” Singh said. “We have scheduled maturities over the next 10 years of debt of roughly $21 billion. So, we are left with about $97–98 billion. And we are saying we will only invest $100 billion.”

He stressed that Adani Group can meet all its debt maturities without needing to refinance and can fully execute its business plan. “Excess question only comes if we want to invest more than $100 billion, which we haven’t decided we want to,” he said. “And fundamentally, because our risk stance is such, the risk stance is mini-US—announce only what you can execute, run and fund yourself.”

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