Adani group pulls out of M&As; plans to focus on debt prepayments

Apart from calling off buying Macquarie’s road assets, the Adani group has withdrawn from a series of acquisition opportunities, including of power plants, a retail firm, a power trader and road projects since January this year, say bankers. The focus of the group is to conserve cash and prepay debt rather than acquiring new assets.

“Till early this year, bankers would pitch every asset for sale with the Adani group. But now, the group is keen to expand their existing businesses, rather than acquiring stressed assets, so it is going slow on new acquisitions,” an investment banker said.