Gautam Adani, plans to sell shares to the public in at least five companies between 2026 and 2028, helping the port-to-power conglomerate improve debt ratios and broaden its investor base. “At least five units will be ready to go to the market in the next three to five years,” Jugeshinder Singh, Adani Enterprises Limited (BSE:512599) (Adani Group) chief financial officer said in an interview. He said Adani New Industries Limited, Adani Airport Holdings Limited, Adani Road Transport Limited, Adaniconnex Private Limited and the group’s metals and mining units would become independent units.

Singh said businesses such as the airport operator are consumer platforms servicing nearly 300 million customers and need to operate on their own and manage their capital requirements for further growth. He said the businesses would need to show they can clear the basic tests of independent execution, operations and capital management before a formal demerger can be implemented. “Scale is already there for the five units,” Singh said.

The “airport business is already independent, while Adani New Industries is going strong on the green energy side. Adani Road is demonstrating new build-operate-transfer models to the nation, while the data center business will grow further. Metals and mining would cover our aluminum, copper and mining services.” “These demergers will result in massive cash flow and make the conglomerate a more valuable platform globally showcasing India’s prowess of infrastructure,” Singh said.