Adani Group to invest more than $120 billion in capex over five years: Report

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, its executives told Fortune India in an interview on Tuesday.

Adani Group, one of India's largest conglomerates, has been expanding aggressively across infrastructure and energy, with investments spanning ports, airports, power, renewables and other sectors.

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"Over the next five years, we plan to invest about $120 billion - over $20 billion a year - across all our businesses," Pranav Adani, a director at the group's flagship firm Adani Enterprises and the nephew of group chairman Gautam Adani, told Fortune India.

Broadly, about 70% of these investments will be in energy, about 20% in transport and logistics and 10% in business adjacencies such as cement, copper, and aluminium, the report said.

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Adani Group did not immediately respond to Reuters' request for comment.

The report said the group estimates these investments will help double its asset base to 18 trillion rupees ($191.64 billion) and generate core earnings, or earnings before interest, taxes, depreciation and amortisation, of 2.6 trillion to 3 trillion rupees in five years.