Cash-hungry Adani utility shows funding urgency to power India

As shares of Gautam Adani’s conglomerate recover from an epic rout, the big question looming over the Indian tycoon is whether he can convince investors and lenders to back his capital-hungry businesses with fresh cash.
Few parts of Adani’s empire underscore the urgency of that funding for the billionaire — and also for the government of Indian Prime Minister Narendra Modi — better than Adani Transmission Ltd.

India’s largest private utility is a key player in Modi’s pledge to provide power to every Indian home. In a media blitz on Monday, it touted itself as capable of “distributing electricity to every corner of the country.”

Yet the company faces a funding gap which may force it to infuse as much as $700 million by March 2026 to fulfill existing project commitments, according to the Indian unit of Fitch Ratings — and that’s before taking into account ambitions to expand even further in coming years.

The funding needs of infrastructure builders like Adani Transmission are a major factor behind the conglomerate’s race to return to business as usual, after months of damage control and denying US short seller Hindenburg Research’s allegations of widespread corporate malfeasance. The stakes are also high for Modi, who faces national elections in early 2024 and has made infrastructure a core plank of his nation-building agenda.

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