India's Adani Group to spin off more business; dismisses debt concerns

India's Adani Group plans to spin off its metals, mining, data center, airports, roads, and logistics businesses by 2028, while dismissing debt concerns.

According to Chief Financial Officer Jugeshinder Singh, the criteria is for these businesses to have a basic investment profile and experienced management by 2025–2028 when the company plans to demerge them.

The Adani Group is betting on its airport business and aiming that it becomes the largest in India outside of government services in the coming years.

The Adani Group has spun off its power, coal, transmission, and green energy businesses in recent years.

Gautam Adani, the world's third-richest man, has been diversifying his empire from ports to energy and now owns a media company.

Analysts' concerns over its debt accumulation have been dismissed by Singh.

Adani Group's total gross debt in the financial year ending March 31, 2022, rose 40 percent to 2.2 trillion rupees.