India's Adani Group plans to invest more than $120 billion in capital expenditure over the next five years across its core infrastructure businesses and emerging growth platforms, its executives have told Fortune India, in what would rank among the largest private-sector investment programmes anywhere in the world. The plan, outlined in an interview published on Tuesday, 10 November, would see the ports-to-power conglomerate spend over $20 billion a year.
"Over the next five years, we plan to invest about $120 billion — over $20 billion a year — across all our businesses. We have a five-year rolling plan. What we plan today is for the next five years, with one year becoming firm and the remaining four years being floating. As the business expands, the plan can increase," Pranav Adani, a director at the group's flagship firm Adani Enterprises and the nephew of group chairman Gautam Adani, told Fortune India.
Broadly, about 70 per cent of the investment will go to energy, including renewables, coal-based thermal power, data centres, and transmission and distribution. About 20 per cent will go to transport and logistics, covering ports, airports and roads, and the remaining 10 per cent to business adjacencies such as cement, copper and aluminium. The group estimates the spending will help double its asset base from 7.85 lakh crore rupees to 18 lakh crore rupees and generate core earnings, or EBITDA, of 2.6 to 3 lakh crore rupees over the five-year period.
The scale of the programme is striking even by the standards of global infrastructure. Fortune India noted that it could rank among the biggest private-sector investment programmes anywhere in the world, outside the extraordinary capital spending of US technology hyperscalers such as Amazon, Microsoft, Alphabet and Meta. The group is preparing to expand its annual capital investment to around 3.5 lakh crore rupees, about 75 per cent above its current planned annual capital expenditure, Gautam Adani said.
Within the headline figure, the largest single commitments are in power and digital infrastructure. Investments in the group's three listed power companies will be about $60 billion, while its ports business and aviation arm will see investment of 1 lakh crore rupees during the period. Green-energy-powered, AI-ready data centres will see a direct investment of $100 billion, besides catalysing an additional $150 billion across manufacturing, servers and sovereign cloud services by 2035.
The group invested around 1.5 lakh crore rupees in the 2025-26 financial year, the highest private annual capital expenditure in India, and investments in 2026-27 are expected to reach 2 lakh crore rupees. The new five-year figure is larger than the $100 billion five-year investment the group had previously outlined, and it puts energy at the centre of the build-out, reflecting both India's power demand growth and the global race to build data-centre capacity.
Executives were careful to note what the plan does not include. The $120 billion programme does not cover the group's capital expenditure guidance into areas such as coal gasification, nuclear energy or aluminium, nor does it include acquisitions, according to Karan Adani, the eldest son of Gautam Adani, who heads businesses including Adani Ports and Special Economic Zone and cement. The figures are management expectations and forward-looking estimates, not assured outcomes, and the rolling nature of the plan means later years can be revised as the business expands.
The announcement comes as the Adani Group continues to expand aggressively across infrastructure and energy, with investments spanning ports, airports, power, renewables and other sectors. The conglomerate, one of India's largest business houses, has spent the past two years rebuilding investor confidence and pushing ahead with a string of large projects, from green hydrogen to airport modernisation.
For India, the plan is a vote of confidence in the country's infrastructure story at a time when global capital is watching emerging markets closely. If even a large part of the $120 billion is delivered, it would add significant capacity in power generation, transmission, ports and data centres, and create demand across construction, equipment manufacturing and services.
Figures in this post were checked at 11:06 PKT on Wednesday, 11 November 2026. This post is market news information only, not financial advice.
