Borrowing blitz makes Adani’s empire even more vulnerable amid worst crisis

Gautam Adani’s sprawling corporate empire embraced the era of cheap debt like few others. But with yields spiking and access to overseas financing suddenly in question, investors and analysts say the borrowing blitz has made it all the more vulnerable amid its worst crisis ever.

The conglomerate, with businesses stretching from ports to renewable energy, tapped international bond buyers for more than $8 billion in recent years, while also turning to global banks for at least as much in foreign-currency loans, data compiled by Bloomberg show. After its borrowing costs surged in response to allegations of fraud and stock manipulation by shortseller Hindenburg Research, some are already warning that Adani’s more highly-leveraged companies have little capacity to absorb higher interest rates.