Adani Group’s pile of debt increased almost 21% over the past year and the proportion held by global banks rose to nearly a third, according to data seen by Bloomberg that offers an up-to-date snapshot of its financial health. Information gleaned from people familiar with the conglomerate’s inner workings as well as from presentations to investors reveal 29% of its borrowings were with global international banks at the end of March — a category that didn’t feature on the group’s list of creditors seven years ago. Yet the data also show a metric for its ability to pay off its debts improved.

The shifting state of its finances and creditor mix underscores just how swiftly billionaire Gautam Adani’s group, based in the Indian state of Gujarat, has grown and how connected it has become internationally, with business interests as far away as Australia and Israel. But with that worldwide engagement comes heightened scrutiny, such as it faced when US shortseller Hindenburg Research accused it of extensive corporate fraud. 

Adani Group’s pile of debt increased almost 21% over the past year and the proportion held by global banks rose to nearly a third, according to data seen by Bloomberg that offers an up-to-date snapshot of its financial health. Information gleaned from people familiar with the conglomerate’s inner workings as well as from presentations to investors reveal 29% of its borrowings were with global international banks at the end of March — a category that didn’t feature on the group’s list of creditors seven years ago. Yet the data also show a metric for its ability to pay off its debts improved.

The shifting state of its finances and creditor mix underscores just how swiftly billionaire Gautam Adani’s group, based in the Indian state of Gujarat, has grown and how connected it has become internationally, with business interests as far away as Australia and Israel. But with that worldwide engagement comes heightened scrutiny, such as it faced when US shortseller Hindenburg Research accused it of extensive corporate fraud.