Recently Tokyo-based Japan Credit Rating Agency initiated rating for the three Adani group firms, rating Adani Ports ‘A-‘, above India’s sovereign rating while Adani Green and Adani Energy were rated at ‘BBB+’ on par with the country’s sovereign rating
| Photo Credit:
AMIIT DAVE
The Adani group is planning to make an entry into the Japanese debt markets to raise around $2 billion in yen-denominated issuance and is looking at long term funding from insurance and pension funds, said sources.
The funds raised will be financing the infrastructure portfolio in the group and sources indicated that the loan tenures will be in the region of 20-30 years. The funds will be raised in the next couple of months, by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Energy Solutions
Recently Tokyo-based Japan Credit Rating Agency initiated rating for the three Adani group firms, rating Adani Ports ‘A-‘, above India’s sovereign rating while Adani Green and Adani Energy were rated at ‘BBB+’ on par with the country’s sovereign rating.
The rating is expected to broaden funding access for the group, which already has exposure to the three major Japanese banks MUFG, Sumitomo Mitsui Financial Group, and Mizuho Financial Group.
Japan accounts for around 1.5 per cent of the total group debt of $32 billion. It plans to increase its funding from Japan to take it to 5 per cent of total debt in the next two years and 10 per cent by 2030, the sources said.
Key reason
A key reason for approaching Japanese debt markets is the longer tenure funding sources available, lower costs as well as to de-risk its exposure.
“We are looking to borrow from markets which offer extremely long tenors.. Japan is a big market which offers this,” said a source.
Japan is one of the few markets outside the US with appetite for 20-30 year maturities and this fits in well with the extending debt profile of the Adani group with average maturity rising from six years to seven years over the past three years, across all markets.
The Adani group has forecast capex of $100 billion by FY30, while in the current fiscal year it is spending $17 billion.
Published on January 30, 2026
