While Gautam Adani received a vote of confidence from investors in his latest $2.5 billion public offering Tuesday, Wall Street is still sizing up his exposure to the global financial sector.

As Adani’s empire has grown, his group has established new relationships with foreign banks. At the same time, it’s reduced the share of Indian banks in its borrowing figures — from 86% in fiscal 2016 to 33% in 2022, according to analysts.

While Gautam Adani received a vote of confidence from investors in his latest $2.5 billion public offering Tuesday, Wall Street is still sizing up his exposure to the global financial sector.

As Adani’s empire has grown, his group has established new relationships with foreign banks. At the same time, it’s reduced the share of Indian banks in its borrowing figures — from 86% in fiscal 2016 to 33% in 2022, according to analysts.