Adani Airports IPO Set for March 2027 as $100 B CapEx Timeline Accelerates

Adani Group, led by Gautam Adani—the second richest person in India—is preparing to spin off and publicly list Adani Airport Holdings by March 2027, according to Bloomberg-unverified company sources The entity currently operates eight airports, including the soon-to-open Navi Mumbai International Airport 

Fast-Tracked $100 Billion CapEx Strategy

Adani has fast-tracked its capital expenditure, planning to invest $100 billion over five to six years, compared to its earlier decade-long timeline. The investment will span energy, logistics, and infrastructure, and is partly funded by a $750 million syndicated loan, with $400 million allotted for debt refinancing .

Spinoff & Fundraising Implications

The proposed listing reflects a renewed fundraising phase for the Adani Group, signaling a pivot to more aggressive expansion. Adani intends to borrow $30 billion from lenders, with internal accruals and new assets contributing the remainder. Future listings may also include the Group’s metals unit by 2030.

Ongoing Controversies

The Group continues to navigate reputational headwinds following Hindenburg Research’s 2023 “fraud” allegations and the US Department of Justice’s bribery probe—both denied by Adani. Despite these challenges, Gautam Adani has resumed international outreach, recently visiting China to engage industrial equipment suppliers.

Adani Enterprises Q4 FY25 Performance

Adani Enterprises posted a remarkable Q4 FY25 net profit of ₹3,845 crore, a 752% increase year-on-year, driven by a ₹3,286 crore exceptional gain from selling a 13.5% stake in Adani Wilmar. Revenues from operations declined ~7.5% YoY to ₹26,966 crore, while total income rose 2% to ₹100,365 crore.

Conclusion

Adani Group’s target of listing Adani Airports by March 2027, within its aggressive $100 billion capital investment blueprint, highlights a systematic drive to monetize and grow its infrastructure presence.

The timely spin-off could attract significant investor interest, building momentum ahead of expected project completions like Navi Mumbai’s new terminal. Meanwhile, Q4 FY25 earnings from Adani Enterprises—boosted by one-off gains—underscore the Group's ability to generate liquidity for strategic spend despite controversy.

As Adani navigates legal scrutiny and debt needs, successful execution of its CapEx and listing plan could unlock growth dividends across its energy, logistics, and transport verticals.

History Adani Group

The Adani Group, a sprawling multinational conglomerate based in India, has a dynamic history marked by rapid diversification and ambitious infrastructure development. Founded by Gautam Adani, a first-generation entrepreneur, the group has grown from a humble commodity trading business into a global powerhouse with significant interests in energy, logistics, resources, infrastructure, and more.

1. The Early Years and Commodity Trading (1988-1990s)

• Foundation (1988): The Adani Group was founded in 1988 by Gautam Adani in Ahmedabad, Gujarat. It began as Adani Exports Limited (now Adani Enterprises Limited), a commodity trading business with an initial capital of ₹5 lakh. The company's initial focus was on importing and exporting diverse commodities like agricultural products (including salt, textiles), polymers, and chemicals.

• Leveraging Liberalization (1991): The economic liberalization policies introduced in India in 1991 proved highly favorable for Adani Exports, allowing it to rapidly expand its trading operations.

• Early Foray into Infrastructure (1990s): Recognizing the critical need for robust infrastructure to support its trading business, Adani Group made an early strategic move into port development.

  • Mundra Port (1995): In 1995, the group began constructing its own port at Mundra in Gujarat. This was a crucial step towards its future growth, and Mundra Port would eventually become India's largest private commercial port.

  • Public Listing (1994): Adani Enterprises Ltd (formerly Adani Exports) was listed on the BSE and NSE on November 1, 1994. Its IPO was oversubscribed "25 times" at a price of ₹150 per share.

• Diversification into Resources (1999): In 1999, the Adani Group expanded its ventures by launching Integrated Resource Management (IRM) for natural resource management and began coal trading.

2. Infrastructure Expansion and Energy Focus (2000s)

• Mundra Port's Growth (Early 2000s): Mundra Port, initially a small fishing port, was rapidly transformed into a significant commercial port capable of handling diverse cargo. By 2002, it handled "4 Mt" of cargo, becoming the largest private port in India.

• Entry into Power Generation (2006): Adani Group formally entered the power generation business in 2006 with the establishment of Adani Power Limited. This marked its significant commitment to addressing India's growing energy demand.

• Coal Sourcing (2006-2008): By 2006, Adani became India's largest coal importer, handling "11 Mt" of coal. In 2008, the group expanded its coal mining operations internationally by acquiring Bunyu Mine in Indonesia, which held "180 Mt" of coal reserves.

• Thermal Power Generation (2009): In 2009, the group began generating "330 MW" of thermal power.

• Agribusiness (2000-2001): The group also diversified into agribusiness with the formation of Adani Wilmar in a 50:50 joint venture with Wilmar Trading (later Wilmar International) in 2000, and launched the "Fortune" brand of edible oil in 2001.

3. Scaling, Global Presence, and Renewable Energy (2010s)

• Renewable Energy (2011): Adani made a significant move into renewable energy in 2011 by commissioning India's largest solar power plant at the time, with a capacity of "40 MW." This laid the groundwork for what would become a massive renewable energy portfolio.

• International Port Acquisitions (2009-2011): To bolster its logistics and resources business, Adani acquired key port assets globally, including Abbot Point Port in Australia (2009/2011).

• Largest Private Thermal Power Producer (2014): By 2014, Adani Power Ltd. became India's largest private thermal power producer, with an installed capacity of "9,280 MW."

• Strategic Demergers (2015-2018): To unlock value and create focused entities, Adani Enterprises Ltd successfully completed the demerger of its key businesses:

  • Adani Ports and SEZ (APSEZ), Adani Power Ltd, and Adani Transmission Ltd were demerged in 2015.

  • Adani Green Energy Ltd (AGEL) and Adani Gas were demerged from Adani Enterprises and listed as separate entities in 2018. AGEL rapidly grew to become India's largest utility-scale renewable energy company.

• Entry into City Gas Distribution (2018): Adani Gas became a leading player in India's city gas distribution segment.

• Airport Management (2019 onwards): The group aggressively diversified into airport operations, winning bids to operate and modernize several major Indian airports, including Lucknow International Airport (commercial operations began in 2020), and later taking over six major airports in India.

• Adani Sportsline (2019): The group even ventured into sports with the launch of Adani Sportsline.

4. Recent Developments and Future Ambitions (2020-Present)

• Navigating Challenges (2023): The Adani Group faced significant scrutiny and a sharp decline in its stock values in January 2023 following allegations of stock manipulation and accounting fraud by Hindenburg Research.

• The group vehemently denied the allegations and has since taken steps to address concerns, including pre-paying debt and reassessing its expansion plans, slowly regaining investor confidence. By late 2023 and early 2024, several group companies saw significant recovery in their stock prices.

• Green Hydrogen and Renewable Expansion: The group continues its strong focus on renewable energy, particularly with ambitious plans for green hydrogen production, aiming to become a global leader in the segment.

• Data Centers: Adani has entered the data center business through AdaniConneX (a joint venture with EdgeConneX), opening flagship campuses in major Indian cities.

• Cement Sector (2022): In 2022, Adani Group made a major acquisition by buying Ambuja Cements and ACC, significantly boosting its presence in the construction materials sector.

• Digital and Defense: The group has expanded into digital infrastructure and defense and aerospace manufacturing, including a partnership with Elbit Systems for India's first private UAV manufacturing facility in 2018.

• Continued Global Expansion: The Adani Group continues to seek global partnerships and investment opportunities across its diverse portfolio, reinforcing its position as a truly multinational conglomerate.

From a commodity trading firm to a diversified industrial powerhouse, the Adani Group's journey reflects Gautam Adani's entrepreneurial vision to build and operate large-scale infrastructure assets critical to India's economic growth and, increasingly, its transition to sustainable energy.