Adani Group to refinance debt, no immediate reduction planned: Jeet Adani

Adani Group does not expect an immediate reduction in debt, but is focused on reshaping its borrowing profile by refinancing operational assets through long-tenure capital market funding, Jeet Adani said on Thursday.

Speaking to CNBC-TV18, Adani said the group’s approach is to use Indian banks primarily during the construction phase of large infrastructure projects, and then refinance those loans once assets become operational and cash flows stabilise.

“I don’t think there will be a debt reduction

immediately. It’s more about changing the structure,” he said, referring to questions around debt levels, including a target of lowering borrowings to around ₹27,000 crore at a certain stage.

Citing the Navi Mumbai International Airport as an example, Adani said the project has been financed using traditional project loans from Indian banks. Once the airport is operational and stabilised, the group plans to refinance the debt and replace bank loans with longer-tenure funding.

“At some point, before we begin the next phase of Navi Mumbai, we would want to refinance and take the Indian banks out, because we would want to tap them again for project financing,” he said.

Adani said this model is consistently followed across the group’s businesses. Indian banks, he noted, typically have a stronger appetite for construction-phase risk, while long-term funding needs—spanning 10, 15, 20 or even 30 years—are better served through capital markets.

“For long-tenure debt, we tap the capital markets, either global or domestic,” he said.

The comments come amid continued investor scrutiny of leverage and refinancing strategies at large infrastructure-heavy conglomerates, where managing debt maturity profiles has become as important as absolute debt reduction.