From 2014 to 2019: How the Adani Group funded its expansion

Over the past five years, the Adani Group has expanded its presence across India. Not only is it the country’s largest private port operator, coal importer, coal miner, private power producer, city gas distributor and importer of edible oils, it has also expanded into airports, urban water management, small and medium sector lending, power transmission and distribution, data centres, aerospace and defence.

Other behemoths of the Indian economy such as the Mukesh Ambani-led Reliance Group and the Tata group of companies have firms like Reliance Industries and Tata Consultancy Services that generate large revenues, which helps them fund their expansion plans. But the Adani group lacks a similar cash engine.

The Adani group’s six listed companies, which account for almost all of its Rs 77,000 crore turnover, had operating profits

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