According to a recent note by brokerage IIFL Securities, the State Bank of India (SBI) has the highest exposure to Adani group companies, amounting to approximately Rs 33,800 crore. This is followed by state-owned financial institutions such as Power Finance Corporation and Rural Electrification Corporation.
As of FY24, the Adani group’s total gross debt exposure is reported to be Rs 2.4 trillion, with net debt standing at Rs 1.8 trillion. Among private banks, which collectively account for just 4% of the group’s debt, YES Bank, ICICI Bank, IDBI Bank, and IndusInd Bank have the most significant exposure. In addition to these banks, other financial entities like the Indian Renewable Energy Development Agency, NaBFID, IIFC, and India Infradebt are also reported to have major exposures to the Adani group.
Exposure of SBI, Banks and Others in Adani Group
| Bank | Exposure (₹ cr) |
|---|---|
| State Bank of India | 33,800 |
| PFC | 7,500 |
| REC | 5,100 |
| Union Bank of India | 4,700 |
| Yes Bank | 4,300 |
| ICICI Bank | 3,200 |
| India Bank | 2,900 |
| IDBI Bank | 2,800 |
| IndusInd Bank | 2,700 |
| Canara Bank | 2,600 |
| Bank of Baroda | 2,500 |
| Bank of India | 2,300 |
| HDFC Bank | 2,100 |
| Punjab National Bank | 1,900 |
| Ireda | 2,600 |
| Nabfid | 3,900 |
| IIFC | 2,400 |
| Others | 4,800 |
| Total | 92,100 |
Also Read: US Court indicts Gautam Adani for paying $250 Million in Bribes to Secure Solar Energy Contracts
