Adani Enterprises Ltd, Adani Green Energy Ltd, and Adani Energy Solutions Ltd — are likely to raise up to $2 billion over the coming quarters, people familiar with the matter told Moneycontrol.

If completed, this would take the conglomerate’s total FY26 fundraise to around $5 billion. The funds are being mobilized across a mix of instruments, including non-convertible debentures (NCDs), equity infusions, and project-level refinancing, the sources said.

Adani Enterprises Ltd (AEL), the flagship company of the group, functions as its business incubator and is involved in building and scaling ventures across airports, roads, green hydrogen, data centres and mining.

In March, AGEL completed a $1.06 billion refinancing deal tied to renewable projects in Rajasthan that include both solar and wind assets.

Adani Energy Solutions Ltd (formerly Adani Transmission) operates one of India’s largest private-sector electricity transmission networks.

In May, its board decided to raise up to Rs 4,300 crore in equity through a qualified institutional placement (QIP), with the company having significant capital expenditure plans in the ongoing financial year.

The company also manages electricity distribution in parts of Mumbai and is focused on strengthening grid integration for renewable power.

In total, the group has raised $3.2 billion since January. This includes promoter infusion into AGEL, the TotalEnergies’ investment and refinancing exercises across the renewables portfolio.

In June, Adani group entities raised $750 million through a bond issuance that saw participation from global institutional investors such as BlackRock and Apollo Global Management, a person familiar with the transaction said.

Source: Moneycontrol