Gautam Adani-led Adani Group has built an infrastructure acquisition strategy around stressed and brownfield assets, with more than 20 deals valued at around ₹1.03 lakh crore, according to an Economic Times analysis.
The acquisitions span power, ports, airports, transmission, renewables and other infrastructure businesses.
The strategy initially focused on distressed power assets. Adani Power acquired several stressed plants and used its fuel sourcing, power sales and operating capabilities to improve their performance. Raipur's EBITDA, for instance, rose from ₹210 crore in FY20 to ₹2,350 crore in FY26, while Raigarh moved from negative ₹100 crore to ₹1,110 crore during the same period.
A similar approach was applied to ports. Acquisitions such as Krishnapatnam, Karaikal and Gopalpur expanded Adani Ports' network and created additional cargo and logistics linkages.
The group also expanded through stressed infrastructure in transmission and airports. Adani acquired Mumbai International Airport from GVK in 2021 for ₹15,000 crore and subsequently built an eight-airport portfolio. The network handled around 96 million passengers in FY26, according to the report.
Renewable energy acquisitions added another growth segment, while Adani Enterprises is now pursuing investments across airports, data centres, new energy, roads, defence and other businesses.
The strategy reflects Adani Group's broader focus on acquiring existing infrastructure, improving operations and adding new capacity around established assets.