Richest Indian Gautam Adani’s group, which has grown on acquisitions, has fairly solid fundamentals but debt-funded future acquisitions can start putting pressure on ratings, S and P Global Ratings said on Thursday. Starting out as a commodities trader in 1988, the Adani group has diversified from mines, ports and power plants into airports, data centres and defence. It recently forayed into the cement sector with a $10.5 billion acquisition of Holcim’s India units and is also looking to set up an aluminium factory. Most of this expansion has been funded by debt.
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